Albon is up to sixth in the drivers' standings as a result of his performances and has earned his deal to drive alongside Max Verstappen next season
The 23-year-old has finished in the top six in every race so far for Red Bull Racing which has earnt him the deal at the team for next season.
“I am really excited to be partnering Max again for next year and I know how fortunate I am to be given this opportunity," Albon told Red Bull Racing.
"I’m hugely thankful that Red Bull have put their trust in me and believed in my results since I joined the Team and for them to keep me in the car next year is a big deal.
"This year has been an incredible year for me and getting the call up to Red Bull mid-season was already a big step, so now I will use the learnings from this season and use the experience to improve and fight at the front in 2020.”
Albon only made his F1 debut at the Australian Grand Prix this season but has gone on to make a massive impact on the sport, collecting 84 points in his first 19 races.
“Alex has performed extremely well since his debut with the Team in Belgium and his results – seven finishes in the top-six – speak for themselves," Red Bull Racing team principal Christan Horner told Red Bull Racing.
"It’s extremely hard to deny that level of consistency and in tandem with a growing reputation as a tenacious, fiercely committed racer, Alex has proved that he fully deserves to continue his progress with Aston Martin Red Bull Racing.