The deal had been held up for the past few months as Warner, EMI and Sony tried to negotiate a higher rate for newer material and a lower rate for older songs.
Apple chief executive Steve Jobs originally hit back at moves to charge more money, referring to the record companies as "greedy".
However, with 80 per cent of the download music market, Jobs was happy to wait out the arguing companies until new agreements could be signed.
Only Universal stayed out of the debate by suggesting that the market should be allowed to develop further before any price change is implemented.
"Apple has renewed its agreements with the major music companies and is pleased to continue offering iTunes customers music at 79p per song from a library of over two million songs," said an Apple spokeswoman.
The company has not announced how long the new agreements will last. "We don't discuss anything to do with contracts," said the spokeswoman. "We have never previously discussed any contracts."
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