Owner and chairman Robbie Cowling scaled back on the spending of the previous three seasons, restricting Ward's transfer budget.

Ward led the team to a credible tenth position league finish, nine points away from the play-offs while reaching the third round of the FA Cup.

After less than ten months in charge, Aidy Boothroyd left the club to join Championship side Coventry City.

Robbie Cowling announced that a more prudent long-term approach would be required by the club to survive, and so restricted his financial input after three seasons of spending large figures on transfer fees.

In the opening game of the season, Colchester quickly went behind 1–0, but found themselves leading by the eleventh minute following an Anthony Wordsworth brace.

For a third time this month, Colchester were again denied victory by a late equaliser during their home game against Carlisle United on 27 August.

On 18 September, Cousins made up for his mistakes at Sunderland to record a solid point against Southampton, making numerous vital saves.

On 2 October, the U's recorded another score draw at Milton Keynes Dons, when a dominant first half performance and a goal from Okuonghae was again cancelled out by an opposition equaliser.

Then, they edged League Two Bradford City 4–3 in the FA Cup in an evenly contested game, Bond and Wilson the scorers with two from Dave Mooney.

With Marc Tierney and Paul Reid sold to Championship clubs Norwich City and Scunthorpe United respectively in the transfer window, and Brian Wilson ruled out for eight-weeks through injury, the U's began 2011 with a completely different back four to the one which started the season.

They then conceded four goals in each of their next two games, suffering a 4–2 defeat to Leyton Orient, and then losing 4–0 at Swansea City in the third round of the FA Cup.

Striker Steven Gillespie made a return from injury and came off the bench to score both of Colchester's goals in their home win against Bournemouth on 14 January.

A Sam Baldock hat-trick gave MK Dons a 3–1 win at the Community Stadium, before Tranmere Rovers won 1–0 at Prenton Park.

In their final game of the season, Colchester faced already-relegated Bristol Rovers and won 2–1 thanks to two an Ian Henderson brace.