"We believe in the development process of our organization," Rockies President Keli McGregor said. "This is a reflection of that, and speaks to the importance of stability."
O'Dowd, 46, was named the second general manager in franchise history on September 20, 1999, and is entering his seventh season in that role.
Hurdle, 48, took the reins as the fourth manager in Rockies history on April 26, 2002. The 2006 season will be his fourth as the club's manager.