Midfielders Wilshere, 20, and 19-year-old Oxlade-Chamberlain, who made his international debut at Euro 2012, plus Welsh midfielder Aaron Ramsey (21) and England defenders Kieran Gibbs (23) and Carl Jenkinson (20) made up the list.
"Jack is certainly the best known, the leader of this group - but the other four players are exceptional footballers, and we're very happy that we could conclude their new deals at the same time," manager Arsene Wenger told the club's website (www.arsenal.com).
"We are delighted that these five young players have all signed new long-term contracts," added the Frenchman.
No details on the lengths of the contracts were given. (Writing by Tom Pilcher; Editing by Ed Osmond)