Having captained the side to victory at Royal Aberdeen in 2011, it looked like the Welshman's time at the helm would end on an extremely low note following last September's reversal in the biennial contest.
Traditionally, the GB&I captain gets to lead the side in a home and away match but the Royal & Ancient officials have reappointed Edwards for a third time and the 45-year-old will take charge when the two sides meet again at Royal Lytham in 2015. It is the first time in the modern era such an offer has been extended. Robert Harris captained the GB&I team during three of the first four Walker Cups between 1922 and 1926.
Edwards, who played in four successive Walker Cups as a player and holed the winning putt in the 2003 match at Ganton, will also captain a GB&I team in this season's St Andrews Trophy against Europe.
"Nigel has demonstrated great passion and pride for the Walker Cup and the St Andrews Trophy," said Jonathan Plaxton, the chairman of the R&A selection committee. "He has proven to be very popular with the players and his experience will continue to be a tremendous asset."