British and Irish Lions tourist Earls has scored 21 tries in 66 appearances for the province since making his debut against the Ospreys in 2007.
And Earls, who will rejoin the Ireland squad after missing the defeat to Wales for personal reasons, is delighted to have signed a new deal at his hometown club.
"I'm excited about getting back in with the Ireland squad this week and hopefully getting the chance to play against France this weekend in the Six Nations," he said.
"I'm really happy to get my contract completed as well. Munster has been my only home as a player and growing up only a few hundred yards from Thomond Park, it was always a dream to play for them and to represent Ireland, so I'm delighted to remain a Munster player."
Back-rower Leamy has gone on to make 145 appearances for Munster, winning the Heineken Cup twice along the way.
And having been ruled out for the rest of the current campaign the 30-year-old is pleased to have committed his future to Munster.
He said: "I'm delighted that my contract has been sorted and that I can concentrate on getting back on the field as soon as possible.
"I've achieved a lot in my career, winning the Six Nations as well as Heineken and Magners league titles, but there is always the desire to try to continue that and achieve even more.
"It also makes it more pleasing to do that with Munster and to remain here in Ireland with my home province."
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