White/black/blue, a female, aged about 10, flew in about 2pm yesterday.
Department of Conservation ranger Lyndon Perriman said the bird first returned to the colony in 2008 and also returned last season but had not yet bred.
Given its age, it was likely it would breed this season.
This year, the first returning albatross arrived before any of the chicks from last summer had fledged, he said.
''It's been a tough season but it's nice to see the birds coming back.''
The warm winter had increased the survival chances of a chick that had needed hand-feeding since April, he said.
It was hoped the traditional ringing of church bells to herald the albatross' arrival would continue this year. Dunedin City Council events manager Marilyn Anderson said First Church generously offered to do it for free last year and she hoped it could be done again this week.