The 21-year-old will remain in Penrith until at least 2021.
“I’m extremely happy and thankful to have the opportunity to re-sign at Panthers,” Martin said to the club.
“The club has always been outstanding looking after me and making sure I have everything I need to succeed.”
The lock forward is yet to play in the NRL, but Panthers Executive General Manager Phil Gould insists that he is only “moments away”.
Martin’s re-signing is another boost for Penrith after fellow rising star Jarome Luai signed on for two more years last week.