The duo have both committed their futures to the club for another three years on the eve of Saturday's Super League Grand Final showdown with arch-rivals St Helens at Old Trafford.
Wane made over 150 appearances for Wigan as a player between 1981 and 1990 and has been head coach since 2012, leading his hometown club to the League Leaders' Shield in his first season in charge and then a Challenge Cup and Grand Final double last term.
"I am really pleased to sign an extension to my present contract with my hometown club. I am very happy here, working with a group of people whose desire to win and improve completely matches mine," said Wane on Wigan's official website.
"There is still a lot I want to achieve at Wigan and I will always be totally committed to achieving those goals.
"I would like to thank everyone involved at the club; the players, all the staff and in particular chairman Ian Lenagan for their continued support."
England skipper O'Loughlin, who made his debut in 2002, has represented the Warriors on more than 340 occasions and featured in the Super League Dream Team for the last five years.
He added: "I am delighted to have extended my stay with Wigan. The club has been my life. I have been through some tough times but it has all been worth it to experience the great times that the club is now enjoying.
"I love working with this group of players and coaching staff and I am confident that the club will continue to grow and improve.
"I still have a lot of personal ambition and I am as hungry as ever to win more trophies with this great club, before moving on to my agreed coaching position at Wigan."