The iconic statue had been stored in Scarborough Borough Council's Dean Road depot to allow resurfacing works outside the Brunswick shopping centre.
However, after two years, it is now back on display on the town's North Bay where members of the Civic Society welcomed its arrival yesterday.
President Adrian Perry said: "I'm delighted that the Bathing Belle has now been installed. She has a beautiful view of the sea and will be a permanent reminder of how ladies went sea bathing at the turn of the 20th century.
"The Society also plans to have an interpretation board near the statue to provide details about the artwork and what stimulated its creation.
"Once this is installed we hope that the Mayor will come down to give it an official welcome and to celebrate the completion of the project."
The Bathing Belle is situated next to the miniature golf at Peasholm Gap.