Fogarty, 21, and Murphy, 22, both debuted in 2018, from very different pathways.
Fogarty, a South Australia, was a high draft pick at number 12, while Murphy joined Adelaide from Victoria as an SANFL development player before being rookie-listed.
“We are obviously really pleased that Darcy and Lachy have both re-signed and bought into the direction we are headed,” said Justin Reid, Adelaide’s general manager list management and strategy.
“They are young and exciting players who took different paths to get to our club but have worked hard to establish their place in the team and they are an important part of our future.”
Fogarty said the decision to sign a contract extension was a straightforward one.
“I’ve enjoyed my first three-and-a-half seasons at Adelaide and I’m seeing improvement from working on my game and with my coaches,” Fogarty said.
“I love the club, I love the team and believe in where we are headed, we are a young group developing together and I’m looking forward to being a part of the future.”
Murphy, who is recovering after ankle surgery, also expressed his satisfaction with the club’s environment.
“I love the footy club and the people involved, I love Adelaide and playing at Adelaide Oval and am really excited to be able to stay for another couple of years,” he said.
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