Having progressed through the Blackpool Youth Team, Barkhuizen will remain at the club for the 2014/15 season after his contract option was activated.
The striker had previously gone out on loan to Hereford United and Fleetwood Town, after making his Pool debut in the League Cup in 2010 at MK Dons.
Barkhuizen made his league debut for Blackpool as a substitute against Barnsley in August 2013, and scored his first goal later that month against Reading.
An impressive FA Cup strike at Bolton Wanderers followed during a season where the striker made 15 appearances.
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