Hawkins, who turns 42 in December, was the oldest player to appear in a game in the National League in 2014 and second-oldest in the majors, behind 43-year-old Jason Giambi.
He will earn $2.25 million next season after making the same amount in 2014.
Hawkins had a 3.31 ERA with 23 saves and 32 strikeouts in 54.1 innings pitched as the Rockies closer in 2014. The 20-year veteran has a career 4.33 ERA and has played for 10 different teams.
The Rockies went 66-96 last season and finished in fourth place in the NL West.
- Molly Geary