The forward joined the club from Durham back in 2021 and has gone on to make 77 appearances for the Eagles, scoring 22 goals.
Sharpe’s most prolific season in the red and blue arrived last term as she helped Palace win the Championship title and, with it, a historic promotion to the Women’s Super League.
The 26-year-old netted 10 times in 28 games, with her most memorable effort coming against Sheffield United back in March, when she sealed Palace Women’s first-ever competitive win at Selhurst Park.
Head of Women’s Football Grace Willliams said: “We are pleased that Molly has extended her stay at the club. She was an important part of our squad last season, and has been throughout her whole journey here.
“Molly is also a great person to work with and I am looking forward to seeing her continue to progress next season.”
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