Goodrham, whose 10 goals and five assists marked his highest goal contributions for a season in senior football last term, will be part of an Oxford side that returns to the second tier of English football for the first time in 25 years.
“Tyler is such a positive person and player, and it is fantastic that he has signed a new contract,” head coach Des Buckingham, said.
“He had his breakout season last year and contributed extremely well to our attacking style of play while also being able to demonstrate his all-round ability on the biggest stage.”
Buckingham’s side begin their Championship season on 10 August when they face Norwich City at the Kassam Stadium.