Jenkins, a first-round pick in 2004, was given a four-year extension. Babineaux, a second-round pick in 2005, was given a five-year extension.
Terms of the deals were not announced on Tuesday.
Jenkins has 33 receptions for 498 yards and three touchdowns, giving him 168 catches for 2,093 yards and 17 touchdowns in his career.
Babineaux has 23 tackles, two sacks and one fumble recovery.
Falcons general manager Thomas Dimitroff said Jenkins and Babineaux are "team guys who work hard on and off the field and are both very productive on Sundays."