A firm fans favourite, the 25-year-old has already made 34 appearances for the Ospreys, scoring 18 tries, including an impressive nine in his last ten outings.
His form in an Ospreys jersey has been replicated on the international scene, where he has established himself as a regular in the green of Ireland, scoring 11 tries in 25 appearances.
He starred in the recent Grand Slam-winning campaign and enjoyed a hugely successful summer tour with the British & Irish Lions to South Africa, starting all three Tests and scoring four tries during the tour.
The Monaghan man, who is also the all-time leading Magners League try scorer, originally signed a two-year deal with an option to extend for an extra year, but he has now agreed to commit to a further three years at the Liberty Stadium.
Speaking after putting pen to paper on the new contract, Bowe said: " The Ospreys coaching staff, combined with the rugby programme in place here at the Ospreys, is helping me to fulfill my potential.
"In addition, as a team, I feel we are on the cusp of something special and I want to be part of it.
"From an international perspective, the Ospreys have been the platform for much of the rugby success I have enjoyed, along with the memories I have banked over an unbelievable last 18 months, and as a result I feel a strong sense of loyalty to them.
"I was flattered by the interest from other European clubs, but after taking advice from my agent, family and friends, it all came back to the fact that I am enjoying my rugby and life in general at the Ospreys.
"Obviously, a return to Ireland had a strong emotional pull and I take enormous pride in the privilege of wearing the Irish jersey.
"With a father from Munster and a mother from Leinster, who are season ticket holders at Ulster, and having played for Ulster with great friends there, you can imagine the thorough family discussions about the merits of returning to play in Ireland.
"I just feel all the ingredients are here for long-term success and I wanted to give Mike Cuddy, Roger Blyth, the coaches, my team-mates and the Ospreys supporters my commitment for three years.
"I'm very excited about what we can achieve in that space of time. I love the way we play rugby here at the Ospreys and I'm excited about being involved in the Christmas derby games and upcoming crucial European fixtures."