Oxfordshire County Council has joined forces with new operator HourBike Ltd to bring back the OxonBike scheme, which has 30 cycles available to hire from seven locations around Headington.
The Â£150,000 project was originally launched in June last year, but the two-year pilot was cut short five months later when operator Grand Scheme Bike Share went into liquidation.
Hourbike will run it for a year.
David Nimmo Smith, the county's cabinet member for transport, said: "When the scheme launched last year around 500 people signed up, so I am sure that those people will be very keen to get back in the saddle.
"Commuters who use Thornhill Park and Ride and who travel in and around Headington to places like the universities and hospitals will find OXONBIKE particularly useful."
The cost of hiring the bikes is free for the first 30 minutes.
The scheme has been funded by the government through its Local Sustainable Transport Fund.

Haseeb Hamayoon, 28, sent the image to friends and a co-accused branding the officer "kaffir" - non-believer - London's Woolwich Crown Court was told.
Prosecutors say Mr Hamayoon, Yousaf Syed, 20, and Nadir Syed, 22, plotted an attack using a Rambo-style knife.
The cousins deny all charges.
The image, allegedly taken on 19 September 2014, shows the back of the officer and was apparently taken by someone in a car.
Mr Hamayoon wrote: "Look at this kaffir. Hounslow parking lot."
Nadir Syed wrote back: "How can you pray in such a place?"
Mr Hamayoon replied: "You're right I'm walking out. This kaffir cop yeh.  Looking inside every car who's in there. I gave him a dirty look."
Mr Syed replied: "He's looking for u mate. Mi5 sent him to keep eye on y."
The messages were exchanged on encrypted messaging service Telegram.
Prosecutor Max Hill QC told the court: "You'll see on Mr Hamayoon's mobile phone two photos taken that show a police officer or PCSO walking away from the car and around a car park.
"The photos are taken from the driver's seat of the car. Those images are created on the telephone. It's quite clear what Mr Hamayoon was writing messages about."
Two days later, IS militants issued a "fatwa" calling on followers to attack Westerners. It implored them to: "Rig the roads with explosives for them. Attack their bases. Raid their homes. Cut off their heads."
Prosecutors claim the trio plotted to carry out a terror attack in the UK.
Mr Hamayoon and Nadir Syed, from Hounslow, west London and Yousaf Syed, from High Wycombe, Buckinghamshire, filmed themselves stamping on a Remembrance Day poppy and were obsessed with the killing of Drummer Lee Rigby, it is claimed.
The trial continues.

The incident happened in December when the 18-year-old man suffered what was described at the time as a broken jaw.
Police want to trace a woman and a man.
The woman is described as being in her late teens to early 20s, with long brown hair. The man is thought to be in his early 20s.
The woman was wearing a beige-coloured jacket and beige knee-high boots.
The man was wearing a dark blue puffy jacket, blue jeans and grey and black trainers.
PC Graham Crawford said: "This is a serious incident resulting in a male sustaining a severe facial injury.
"Violent behaviour will not be tolerated and I would urge anyone who recognises the male and female pictured, or has any knowledge of this incident to come forward and contact the police."
A bike hire scheme has been relaunched in Oxford six months after it folded.
[NEXT_CONCEPT]
A supporter of so-called Islamic State photographed a police officer in a mosque car park before plotting to carry out a knife attack around Remembrance Sunday 2014, a court heard.
[NEXT_CONCEPT]
Police investigating an "unprovoked serious assault" on a teenager outside Stonehaven railway station have released CCTV images of a woman and man they want to trace.