The tricky wide man was in fantastic form for Darrell Clarke's promotion winning side scoring 13 goals including four goals in the last three games of the season.
On agreeing a new deal, Billy told us "I'm delighted to be staying, we had a special group here last season and achieved something really amazing.
The club is back where it belongs now and on the up so think it's a great club to be part of and I can't wait to get going in League One"
Bodin became Darrell Clarke's fourth summer signing last year after the former Torquay United man was handed a two week trial at the start of the pre-season campaign.
Billy began his career with Swindon Town, moving from the youth set-up before making his first team debut for Swindon Town as a late substitute in the 2–1 League One defeat to Dagenham & Redbridge in 2010.
Having secured another member of last seasons promotion winning squad on a longer contract, Rovers Chairman Steve Hamer told us "Billy was one of the jewels in the crown for us last season and someone we were very eager to retain. Now that has been achieved, having fought off considerable interest from other Club's!
His signing matches his ambition along with ours and we all look forward to Billy progressing further next season on the field."