Locking in his contract for next season, Oates will appear in his 12th consecutive season for the Broncos as he looks to add more games and tries to his career.
He currently has 201 NRL appearances and 118 tries to his name.
This decision comes after the veteran winger was sensationally dropped from the team at the backend of the season and in the recent Grand Final for Jesse Arthars.
"Oatsey brings a heap of experience and he is one of the hardest wingers to stop in rugby league," head coach Kevin Walters said in a club statement.
“He has been really good for us over recent years, and he has fought back from some tough places which I am really proud of Oatesy for doing.
"We are really happy that Oatsey is staying at the club and we can't wait to see what we can do together as a team in 2024.”
Oates struggled with injury throughout 2023 and ultimately took no part in the finals series, having only played nine games throughout the course of the year.
His metres from the back still prove a valuable point of difference when he is on the park, but his inability to find the try-line in 2023 cost him, with Jesse Arthars doing a superb job during the grand final and likely to hang onto his starting spot next year.