Manager Mick McCarthy said: "I am delighted that both players have signed new and extended deals."
Henry, 28, joined from Stoke in 2006 while Stearman, 23, moved to Molineux from Leicester in 2008.
Earlier this season
Henry apologised for a tackle he made on Wigan's Jordi Gomez
which resulted in a red card for the Wolves player.
The Wolves skipper, who has made 182 appearances for the club, was also sorry for the damage done to Fulham striker Bobby Zamora, who broke his leg during a challenge between the two players in September.
"Karl has been here with me right from the start and has always played a key role for us,"
McCarthy told the club's website.
Karl Henry & Richard Stearman put pen to paper on new deals - fantastic
burga wolf
"His leadership qualities on and off the pitch have seen him become club captain and he has adapted really well to playing in the Premier League."
Of Stearman, who has made 80 appearances for McCarthy's side, the Wolves boss added: "Like Karl, Stears came in and helped us get promoted and has gone on and improved.
"He is a young defender who will continue to develop and, having fought his way into the team this season, has maintained a good level of performance."
The news will boost Wolves who face Henry's old club Stoke in the FA Cup fourth round this Sunday before a crucial Premier League game at Bolton on Wednesday, 2 February where they will attempt to climb out of the relegation zone.
Source: BBC Sport
Source: BBC Sport