The Battle of Britain Memorial Flight's Lancaster, known as Thumper, based at RAF Coningsby, took the skies for a test flight on Monday.
The Lancaster, one of only two in the world able to fly, missed most of the 2015 display season.
Squadron Leader Martin Morris said a schedule for subsequent flights will be announced over the next few weeks.
Sqd Ldr Morris, who heads up the Battle of Britain Memorial Flight, said: "Spares and parts are difficult to find and some had to be manufactured.
"The aluminium for the bulkhead had to be sourced from the same type of aluminium as the original aircraft - so it has not been without challenge - but our engineers have succeeded."
Hundreds of people turned out to watch as Thumper took to the skies at about 14:00 BST.
The last airworthy Lancaster bomber in Britain has flown for the first time since being grounded by a fire in May.