Alford has spent the past four seasons as the Bruins head coach, leading them to the NCAA tournament three times and to a 31-5 record last season.
UCLA athletic director Dan Guerrero said the following about the decision to extend Alford:
"Steve did an outstanding job, helping to produce one of the nation's most exciting offensive teams in recent memory. There was a significant buzz about UCLA basketball around town and among the sellout crowds in Pauley Pavilion. As such, he certainly earned back the one-year extension that he had voluntarily returned prior to the season. We are looking forward to seeing what 2017-18 brings."
UCLA reached the Sweet 16 last season before falling to Kentucky, and it has failed to advance past the Sweet 16 in each of its three NCAA tournament appearances under Alford.
Alford is 96-45 during his four-year stint at UCLA, and when factoring in previous head coaching stops at Missouri State, Iowa and New Mexico, Alford boasts a career record of 481-251.
In 2016-17, the Bruins were second in the nation with 89.8 points per game, led by guard Lonzo Ball, who went on to become the No. 2 overall pick in the 2017 NBA draft by the Los Angeles Lakers.
Reaching the Sweet 16 or better will be a major challenge for Alford and Co. in 2017-18, as key contributors in Ball, TJ Leaf and Ike Anigbogu were all lost to the NBA draft.
UCLA has the No. 5 recruiting class for 2017 in the estimation of 247Sports, however, which should keep it in the Pac-12 title mix.