Their third-place finish and subsequent penalty shoot-out loss to AFC Wimbledon in the Conference Premier play-off final in 2010–11 meant they competed in non-League football for the third consecutive year.

Manager Gary Brabin was sacked in late March 2012 after a poor run of results saw Luton fall to seventh in the table and lose in the FA Trophy semi-final.

Their first campaign in the Conference Premier ended with defeat in the play-offs to York City, despite finishing the season in second place with the highest goals scored tally.

The next season saw the club again placed as favourites for promotion, though no team in the division could even come close to overtaking runaway leaders Crawley Town as champions.

The club's transfer policy, previously focused on signing experienced ex-league players like Mark Tyler, Adam Newton and Alan White, instead shifted to buying younger players who had spent the vast majority of their career in non-league football, such as Andy Drury, Charlie Henry, Alex Lawless, Amari Morgan-Smith, Jason Walker, and Robbie Willmott.

[4] This set up a final against AFC Wimbledon at the City of Manchester Stadium, from which Luton lost 4–3 in a penalty shoot-out after a goalless and evenly matched 120 minutes.

Adam Newton, Lloyd Owusu, Zdeněk Kroča and Jason Walker all left the club, while Aaron O'Connor and Dean Beckwith were bought in as free transfers on a two-year contract.

Luton had retained Antwi and Broughton as trialists, in addition to former Rushden & Diamonds defender Curtis Osano and out-of-contract striker Leon McKenzie.

[13] Luton's first home friendly was on 27 July against Azerbaijan Premier League side Gabala FC, managed by former England captain Tony Adams.

[18] The last first-team friendly, albeit with a weaker squad than the one that beat QPR, took place the next day, with Luton going down 2–1 to Conference North side Corby Town.

[24] Luton's first game of the season against Forest Green Rovers on 16 August ended in a 1–1 draw, with Dean Beckwith scoring a goal on his debut.

[27] Luton recorded a 5–1 victory over Southport on 20 August, with goals coming from Adam Watkins, Will Antwi, Amari Morgan-Smith, Robbie Willmott and Danny Crow.

Amari Morgan-Smith and Danny Crow scored Luton's goals, which left the club eighth in the table at the end of August with a game in hand over all teams above them.

Alex Lawless had put Luton ahead in the fifth minute with a 25-yard strike, before Stockport hit back late on through a deflected Sean McConville goal.

[42] With Beckwith suspended for the next three games, and defenders George Pilkington, Shane Blackett, Dan Gleeson, Fred Murray, Curtis Osano and Keith Keane all injured, manager Gary Brabin moved to bring in Hungarian centre-back János Kovács on an emergency one-month loan from Hereford United on 19 September.

[58] Luton lost their third home game of the season on 5 November, going down 2–1 to league leaders Fleetwood Town, a result that pushed the club down to seventh place in the table.

Current left-back Fred Murray, who was expected to take up to 12 months to recover from a serious knee injury, was de-registered as a player (albeit still contracted to the club) in order to make room for Taylor.

[62][63][64] Luton beat League Two strugglers Northampton Town 1–0 in the FA Cup first round on 12 November, substitute Adam Watkins scoring a late winner.

[66] Luton drew 1–1 away at fellow play-off hopefuls Cambridge United on 19 November, with Stuart Fleetwood scoring his first league goal in two months.

[82][83] After the initial game was postponed due to a frozen pitch, the club's FA Trophy second round tie with Hinckley United was played out on 18 January.

[84] The club released Tommy Wright on 18 January, and moved to bring in striker Craig McAllister on loan from Newport County until the end of the season.

[94][95] Luton lost 1–0 to Barrow on 21 February, effectively eliminating any hope of automatic promotion due to league leaders Fleetwood Town extending their own unbeaten run to 18 games and pulling ahead by 14 points.

[99] League losses to Wrexham, Forest Green Rovers and York City, and draws against struggling Darlington and mid-table Grimsby Town pushed Luton out of the top five and left them with the very real prospect of failing to qualify for the play-offs.

The first game of Buckle's tenure on 9 April ended the team's poor run of form, as Luton notched up a comfortable 4–2 win over Hayes & Yeading United.

[112][113] A vital game against fellow play-off candidates Kidderminster Harriers on 21 April went in Luton's favour, as a second-half Robbie Willmott goal secured a 1–0 win in front of Kenilworth Road's then-biggest crowd of the season.

An early own goal and an Andre Gray strike were enough to see Luton win 2–0 at Fleetwood, their fifth clean sheet in a row, meaning they would face second-placed Wrexham in the play-off semi-final.

[116] On 30 April, it was announced that defender Ed Asafu-Adjaye and midfielders Charlie Henry and Christian Tavernier would not be offered new contracts, releasing them from the club.

Captain George Pilkington's penalty in the first half ensured Luton won the tie 3–2 on aggregate to set up a final with York City at Wembley Stadium on 20 May.

[125] Defender Alex Lacey, who had spent the vast majority of the season out on loan at three different clubs, signed a two-year contract extension on 14 June.

[130] Later the same day, the club confirmed that striker Amari Morgan-Smith, who despite scoring ten goals had been injured for a large part of the season, would not be offered a new contract.