McDaniel missed six games with a hand injury last season but was still Calgary's leading receiver with 54 catches for 792 yards and four TDs. He added seven catches for 61 yards in the Stampeders' 20-16 Grey Cup win over the Hamilton Tiger-Cats.
McDaniel was a CFL all-star in 2013 after leading the Stampeders with 76 catches for 1,047 yards and eight TDs.
"Marquay is a very valuable, consistent and dependable player for our team," Calgary head coach/GM John Hufnagel said in a statement. "His receiving numbers speak for themselves, but Marquay is an excellent all-round player who contributes to our running game through his blocking and is a quiet leader on and off the field."
McDaniel began his CFL career with Hamilton in '09 before joining the Stampeders in 2011. He has appeared in 81 career CFL regular-season games, recording 320 catches for 4,325 yards and 25 TDs.
"Joining the Stampeders in 2011 was a great career move for me and I'm grateful for the opportunity to stay in Calgary," said McDaniel. "Winning the Grey Cup was a dream come true in 2014 and I believe we have the personnel, skill and determination to be a serious contender for another championship in 2015."