Scotland captain only signed long-term Anfield contract in 2019; this latest improved deal follows extensions for Alisson, Fabinho, Virgil van Dijk and Trent Alexander-Arnold.
The 27-year-old has missed a total of just four games since joining the Reds from Hull City for £8m in 2017 and started all 38 Premier League games last season.
Only forward Sadio Mane provided more Premier League assists (8) than Robertson's seven last term, with the full-back also registering 11 assists in 2018/19 and 12 in 2019/20.
However, Robertson has missed the start of the new campaign with ankle ligament damage sustained during the pre-season friendly against Athletic Bilbao.
On the announcement, Robertson told Liverpoolfc.com: "Obviously when the negotiations started and it looked as if my future was going to be here longer term than what it was, then I think it's no secret that I'm happy at this club.
"I want to stay at this club for as long as possible and to extend my stay, it's always a happy time for me, for my family.
"We're settled here, we love everything about this football club and I'm glad that the journey is continuing."
In total, Robertson has made 177 appearances for the club to date and has won the Premier League, Champions League, FIFA Club World Cup and UEFA Super Cup.
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