Further squad strengthening in the form of former AIK player Monir Kalgoum and the addition of netminder Alex Mettam helped Lightning dominate and a home win against Swindon Wildcats in March 2010 saw the EPIHL league trophy return to Milton Keynes.
Despite the addition of Slovenian International Blaz Emersic, an inconsistent 2010–11 season saw Lightning finish 5th in the league and lose the play off final to Guildford Flames.
The team lost in the playoff quarter finals to eventual winners Slough Jets, despite taking a three-goal lead into the away leg.
The refurbishment of the Milton Keynes rink was completed a month into the season and the first game back on home territory was played on 18 October 2014 against Sheffield Steeldogs in front of a capacity crowd of 2,500.
The loss of key players through roster changes and a series of injuries increased pressure on an already struggling team saw Lightning finish the season in 7th place, their lowest ever position.
Despite poor league performances, Lightning defeated Guildford in the playoff quarter finals before losing to Manchester Phoenix in the semi-final game.
In November 2016, Nick Poole stepped down from the role of General Manager, citing that he wanted to pursue new challenges with his family outside of hockey.
Planet Ice, the Milton Keynes rink operators who had run the franchise since its temporary use of the Coventry Sky Dome during the 2013–2014 season sold the club to the Midlands-based husband and wife team of Graham and Monica Moody.
Lightning's inaugural season in the Elite League had a promising start but poor away form and a series of disappointing results left them languishing near the bottom of the table at the turn of the new year.
The situation worsened in January when US Import Matt Nickerson had his contract terminated after an altercation with a Guildford Flames fan when leaving the ice.
In February 2018 it was announced that Coach Peter Russell would be leaving the club by mutual consent at the end of the season and replaced by Canadian Doug McKay.
After a poor start to the 2018–19 season, with the team languishing at the bottom of the league, Doug McKay himself parted company with Milton Keynes Lightning in November 2018 citing 'personal reasons'.
However, before the commencement of the season, preparations were thrown into disarray with revelations of unpaid wages/reimbursements for both former players and off ice staff, outstanding debts to suppliers and poor stewardship by the owners.
However, Lightning participated in the Streaming Series along with Sheffield Steeldogs & Swindon Wildcats in November 2020 as part of the Return to Play programme.
Lightning iced a strong side and whilst played some excellent hockey, failed to find the consistency required to challenge for the title.
The team returned to the redeveloped rink which had been renamed the "MK Arena" on 18 October 2014 against Sheffield Steeldogs, in front of a sell out crowd in excess of 2,500.