Henry's deal was due to expire in 2013 while Stearman had 18 months to run on his contract, but their new agreements will see the pair remain at the Barclays Premier League outfit until the summer of 2014.
Manager Mick McCarthy told the club website: "I am delighted that both players have signed new and extended deals."
Twenty-eight-year-old Henry has made 182 appearances for Wolves since becoming one of McCarthy's first signings in 2006.
He endured a difficult start to the current campaign after coming in for criticism for a challenge that saw Fulham striker Bobby Zamora break his leg, before being sent off for a wild lunge on Wigan's Jordi Gomez, but he has bounced back with a string of consistent performances.
"Karl has been here with me right from the start and has always played a key role for us," McCarthy continued.
"His leadership qualities on and off the pitch have seen him become club captain and he has adapted really well to playing in the Premier League."
Of 23-year-old Stearman, who has made 80 appearances since joining from Leicester in 2008, boss McCarthy added: "Like Karl, Stears came in and helped us get promoted and has gone on and improved.
"He is a young defender who will continue to develop and, having fought his way into the team this season, has maintained a good level of performance."
Source: PA
Source: PA