The announcement was made on Friday, reported Hollywood Reporter.
The series, which premiered in April, centers on a failed semipro-football player (Kutcher) who returns home to Colorado to help run the family ranching business with his father and his brother (Masterson).
The series will also feature actors Sam Elliott and Debra Winger.
"The Ranch" marks a reunion for Kutcher and Masterson, who also starred on "That '70s Show" together for eight seasons. It also marks a reunion for Kutcher and "Two and a Half Men" executive producers Don Reo and Jim Patterson, who serve as showrunners on "The Ranch".
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