Newquay born Bearman signed for the Ospreys two years ago and has proven to be an influential member of the squad on and off the field.
He made his debut for the region coming off the bench in a 32-14 win over Ulster in September 2011, with his first start two weeks later as the Ospreys defeated Munster 17-13.
Fast closing in on a half century of games for the region, Bearman currently stands on 45 appearances, scoring three tries.
"I've really enjoyed my first two seasons down here so I'm really happy to be able to sign a new contract" said Bearman.
"It's a pleasure to come to work every day, to play for the Ospreys. We've got a great bunch of boys in the squad and quality coaching staff, there's a great atmosphere around the place and I'm really enjoying myself here, so it was a straightforward, easy decision to commit myself to the Ospreys for another two years.
"It was a dream come true to win the league at the end of my first season as an Osprey, particularly the way we did at Leinster in the final. That day will stay with me forever, but the challenge this season and over the next two years is to make sure we achieve that standard consistently as a group, week in, week out.
"As one of the more experienced players in the group I really enjoy working with the younger guys and helping them out, in the gym, on the pitch, or maybe just chatting to them away from everything. I find that they seem to talk to me quite a lot and I'm quite privileged that they look to me for guidance and that I can help them through.
"To be honest, I enjoy that as much as I enjoy the rugby. I remember when I was young and in a similar position, there were older players that I looked up to who would always be there for any of the young boys. If I can have a similar role over the next two years it's something I can get real satisfaction from."
Andy Lloyd, Ospreys Rugby Operations Manager, commented:
"This is great news for Ospreys Rugby. Joe is a fantastic member of the squad and with his contract expiring at the end of this season it was important that he signed a new deal for next season and beyond.
"He's an outstanding athlete, he's really physical and powerful with or without the ball, carrying well and making more than his fair share of tackles. He just keeps getting better and better as a player and even though he is a little bit older than most his conditioning is excellent.
"He's not only extremely influential on the field, he is a major presence in the squad off it. He's a great character with a huge personality and is entirely selfless, putting the team first at all times and leading by example. That's just as important to the cause as his on the field work, as with a relatively young squad we need people like Joe around, individuals who are happy to help the young talent coming through the ranks while still making a huge contribution on the pitch."
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