Tatis, who just turned 22 years old in January, hit .277 with 17 homers and 45 RBIs in 59 games over his second season last year.
He helped San Diego end a 13-year playoff drought in 2020 and win a wild-card series against the St. Louis Cardinals before the Padres were swept by the rival Los Angeles Dodgers in the NL Division Series.
The hefty extension follows the Padres giving a 10-year deal worth $300 million to third baseman Manny Machado.
The power in the National League West continues to shift more toward the Dodgers and Padres. The Dodgers signed marquee free agent starter Trevor Bauer to a three-year deal, while the Padres brought in starters Blake Snell and Yu Darvish.
D-backs fans will have to see Mookie Betts and Tatis in-division until 2033 if both players stay put through their lucrative contracts. Betts signed a 12-year extension that runs till that year, while Tatis is now on the books through 2034.
The Associated Press contributed to this story