Michaels, 24, has put pen to paper on a three-year deal, with 20-year-old Rankin committing his future to the club for another two years.
Coach John Cartwright said he was pleased to have two Gold Coast juniors staying with the club.
"It's good news for the club to be able to keep two young Gold Coasters who still have a lot of football in front of them," said Cartwright.
"Stevie has been great for us since arriving from the Broncos and is one of those players that gives his all every time he steps out onto the football field.
"With Jordan, it is easy to forget that he is still only 20 years of age and it's great that he can continue his development here."
Michaels said he was excited to be continuing his career at Skilled Park.
"I'm really happy here with the Titans, I've got family here and I grew up here so it's great to re-sign," he said.