Both players have signed two-year contracts to extend their stays at Scotstoun until at least 2021.
Allan has made 88 appearances for the Warriors since joining from Edinburgh ahead of the 2014/15 season.
The 26-year-old loose-head has eight caps for Scotland including two off the bench in this year's Six Nations.
Having been involved in several international squads he won his first Scotland cap against Ireland last month.
Allan said: "Staying at Glasgow was an easy decision for me to make. It's a great environment and the challenge of testing myself at the highest level in both the PRO14 and the Champions Cup is one I really enjoy."
Rae said: "I'm pleased to be staying at Scotstoun for another two years. I've enjoyed how much game time I've had this season and getting capped during the Six Nations was a dream come true so I'm looking to kick on and keep improving with every game."
Glasgow Warriors Head Coach Dave Rennie said: "Alex is a really dynamic prop who is equally as comfortable in the loose as he is at set piece.
"D'arcy has played some big games for us this season. With Zander (Fagerson) and Siua (Halanukonuka) both injured early in the year he stepped up as our first choice tight-head for a stretch of matches and performed well.
"Both are really good men and well-liked members of our group and it's great that they're sticking around to provide real strength in depth to our front row."