The 24-year-old has signed a one-year deal which will keep him at stadiummk until the summer of 2015, with the option of a further 12 months.
Randall returned to his hometown team in March, showing his quality in the four appearances he made before the 2013/14 season came to a close.
“I’m excited to be staying,” he told MK Dons Player. “I’m really pleased to have signed a new deal.
“I’m looking forward to getting a full pre-season under my belt which I didn’t have last season and I think it’s going to be a good year.
“It was the best feeling ever to be back in a Dons shirt last season and I am thankful to the gaffer for giving me the chance.”
Randall started his senior career with the Arsenal, making his debut in the 2-0 Carling Cup win at West Bromwich Albion in October 2006. He went on to appear a further 12 times for Arsenal, including twice in the Premier League and twice in the Champions League.
Loan spells at Championship side Burnley, the Dons and Rotherham United followed before he moved permanently in the summer of 2011 to Chesterfield, where he won the Football League Trophy.
A full interview with Mark is coming up on Player shortly.