The first recorded line-up was: When Chris Wood left the band to go travelling in Canada, he was replaced on bass guitar by returning founder member Ian Kearey.

But recent releases Deep Dark Ocean, Here I Stand, Rise Above and Meet You There have seen the band return to a softer, more melodic sound, while recent tours under the banner The Big Session have seen the band offer exposure to several young, emerging folk musicians like Dan Donnelly, The Handsome Family, as well as veterans such as June Tabor.

James O'Grady (Uilleann pipes, fiddle, flute, vocals) regularly appeared on the Oysters' albums and tours in the last few years.

The band returned to the studio in 2011, teaming up once again with June Tabor and releasing Ragged Kingdom in September at a sell-out concert at London's Queen Elizabeth Hall.

Ray Cooper announced in December 2012 that he would leave the band at the end of the Ragged Kingdom tour in February 2013, to pursue a solo career.

On 5 February 2024, John Jones, Alan Prosser and Ian Telfer announced on Facebook that Oysterband will be retiring as a touring band, although they plan a 'long goodbye.'