ABC Entertainment president Karen Burke made the announcement at the Television Critics Association press tour.
"Chris [Lloyd] and Steve [Levinson] have created one of the most seminal and iconic comedies in television history," Burke said. "In its final season, there will be more milestone events that anyone who has been a fan of the series won't want to miss."
As a whole, Modern Family is among the most-nominated comedy series, winning a total of 22 Emmys (which includes five straight years for Outstanding Comedy Series from 2010-2014).
"Even after 10 years together, we realize there are still some things our writers don't yet know about each other's sex lives," Levitan, who co-created the series with Lloyd, joked at the TCA tour.
Levitan's deal with 20th Century Fox expired last summer, although he's set to stay on with the studio until Modern Family ends. In July, he said he would "take some time" to consider his future with the studio, following his criticism of Fox News.
The renewal comes a day after Vergara revealed that the show would most likely be getting its 11th season. While speaking to Entertainment Tonight about her new Walmart.com denim line, she shared tentative plans for the series.
"I think it's going to end up, we're doing an extra season that we're going to start next August. We're about to finish the 10th season in March," she said. "I mean, from what I heard, we are doing an 11th season. So we're all very excited and very happy."
Bowen previously told ET that the cast "gave a gleeful yes" when approached about one more season.
"I think there's a lot of behind-the-scenes action that has to happen with Fox, and ABC buying Fox. There's an extra building worth of paperwork it has to go through. But I'm hoping it does. I really am," she said, before the news was official.
As for how she sees the series wrapping, she joked to PopCulture.com that her ideal finale involves "obviously a Thelma & Louise-style ending, driving off a cliff."
Eventually, she conjured an idea that includes more Dunphy kids.
"There's something about babies that everybody loves, and I don't know, we've got three options to get pregnant," she stated. "Maybe something like that."
Modern Family airs Wednesdays at 9 p.m. ET on ABC.