Carcillo, a 23-year-old left winger, had 13 goals, 11 assists and 324 penalty minutes in 57 games.
He became the first rookie in NHL history to have more than 300 penalty minutes and 15 points in one season.
Carcillo, a third-round draft pick of Pittsburgh in 2003, was acquired from the Penguins in February 2007.
He had five goals in the season's final two games, including a hat trick against Dallas on April 4.
Coyotes general manager Don Maloney said Carcillo "is a key member of our team who brings a unique combination of toughness, speed and skill to the lineup."