The 36-year-old was the club's top scorer during last season's Argentine first division triumph, with nine goals to his name.
The former Manchester United and Juventus forward will be aiming to guide Boca to a Copa Libertadores title when the tournament, which was suspended midway through the group stage due to the coronavirus pandemic, resumes on September 15.
Carlos Tevez firmó su nuevo contrato con el club hasta 2021. Carlitos es de Boca y de Boca no se va... pic.twitter.com/5ihlDt7MDm— Boca Jrs. Oficial (desde 🏡) (@BocaJrsOficial) August 8, 2020
Tevez was part of the Boca side that won the competition in 2003.