The 23-year-old appeared in 23 games for the Canucks last season, recording three points. Juolevi made his NHL debut during the Canucks' Stanley Cup qualifying series during the 2020 playoffs.
"Last season was an important step in Olli's development as an everyday NHL defenceman," Canucks general manager Jim Benning said in a statement. "We're glad to have him signed and look forward to his game progressing further next season."
Juolevi was selected by the Canucks with the fifth-overall pick in the 2016 NHL Draft. The defenceman has played in 63 AHL games in two seasons with the Utica Comets, scoring three goals and 38 points.
The Finnish defender will be a restricted free agent at the end of his deal.