Russell was picked up by Glasgow in the summer of 2012 after featuring for Falkirk and Scotland Under-20s and will now look to provide stiff competition for Scotland No.10 Ruaridh Jackson.
And he is hoping that before too long he will talked about in the same breath as Jackson and the Warriors' other international stars.
"I'm excited and proud to have signed my first professional contract," he said.
"Players such as Stuart Hogg, Mark Bennett and Jonny Gray have gone on to sign professional contracts with the club, after coming through the Elite Development Programme, and I'm delighted to be the latest to get that opportunity.
"I know I need to keep working hard at my game, but this is a fantastic place for me to learn and play rugby and I'm looking forward to the next couple of seasons in Glasgow."
Head coach Gregor Townsend was pleased to announce the news and expects Russell to demonstrate great improvement over the next few years.
"Finn has a very good range of basic skills, and is tough tackler," said Townsend. "That's an excellent base to build on as a stand-off and we're delighted he's staying at Scotstoun.
"He deserves this opportunity after working hard on and off the field since he came to the club."
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