The 28-year-old was 14-13 with a 4.03 ERA last season and made $3.95 million.
He has a 45-47 record with a 4.12 ERA in five seasons with the Diamondbacks. After going 14-8 with a 3.41 ERA and making the All-Star Game in 2013, he missed 2014 and part of 2015 after Tommy John surgery.
Corbin was among 12 Diamondbacks eligible for arbitration entering Thursday, including pitchers Shelby Miller, Brad Boxberger, Andrew Chafin, Robbie Ray and Taijuan Walker; outfielders A.J. Pollock and David Peralta; shortstops Chris Owings and Nick Ahmed; catcher Chris Herrmann; and third baseman Jake Lamb.