The academy graduate has been in and out of the first team this season and has impressed under new manager Jurgen Klopp.
Randall has been used as a backup to Nathaniel Clyne and has mostly played in the cup games and in the Europa League.
The young defender is rated highly by the Liverpool academy staff and has a bright future ahead of him.
Randall confirmed that he is delighted to sign a new deal with Liverpool and is looking forward to continue his development at Anfield.