The 17-year-old forward, a product of the club’s academy, has committed to a long-term deal.
Griffiths developed his skills at Summertown Stars before being spotted by Oxford United Academy coaches and brought into the club’s development programme.
He soon made an impact, earning his debut in the men’s first team at the age of 16, becoming the club’s youngest ever player at the time.
This season, he has trained alongside the first team and has been part of the travelling squad for Championship matches.
He said: “It’s a really monumental moment and I have come such a long way. It’s another step in the right direction and I hope there are big things to come.
“This place is such a big part of my life and I have dedicated a lot from my first trial as an under 12.
“The staff here have been so helpful in pushing me in the right direction. I’m going to try my best to push in the first team and hopefully in the next few years I can stay there.”
Griffiths impressed for Wales at the European Under-17 Championships in the summer.
He was one of 20 players selected in head coach Craig Knight’s squad for the tournament in Cyprus, but had to be patient to get his opportunity.
Wales began their campaign with a 2-0 defeat against Denmark, and a 3-0 defeat against Austria meant they could not progress from Group B.
However, they signed off with a 1-1 draw against Croatia, as Griffiths was handed his first start.
He almost put Wales ahead in the closing stages of the first half, but saw his solo run come to an end with a strong save from Croatia goalkeeper Antonio Rajic.
Another mazy run from Griffiths in the second half saw him make his way to the edge of the six-yard box, but his shot through the legs of Rajic hit the side netting.
Stevie Kinniburgh, head of football development, said on Griffiths’ new deal: “It’s brilliant and it’s all part of the journey.
“As a club, we look at the holistic journey of each player. When I first came in, Louis was 14, and three years on he is signing his professional contract which is fantastic.
“We are really trying to embed our own in this club. You look at Tyler Goodrham playing week-in, week-out.
“We have all his and others in the men’s and women’s pathways which is tremendous for us as a club.”