The EFL -- which covers the three tiers below the Premier League -- said it would receive ?600million from the broadcaster as part of the new terms, which will see the Championship, Leagues One and Two, the Carabao (League) Cup and Checkatrade Trophy continue to be shown live.
One of the standout features of the new deal, which starts from 2019, is that clubs will be able to stream games outside the blocked hours of 2:45 pm to 5:15 pm on Saturdays.
The new deal will also give Sky the rights to broadcast Championship games that fall outside of the Saturday afternoon timeslot on its interactive and digital platforms.
"Sky Sports has for many years been a hugely important and valued partner of the EFL and we are delighted to extend our relationship by a further five years," EFL chief executive Shaun Harvey said.
"The new opportunity for EFL clubs to live-stream their matches through a direct-to-consumer service in the UK is a revolutionary and exciting step forward for football broadcasting rights in the UK," he added.
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