Her Naval Armed Guard crews earned "battle stars" for participating in the assault and occupation of Iwo Jima from 25 February to 6 March 1945.

On 1 March 1945, the ship was delivering ammunition to marines on the beach of Iwo Jima and came under fire by Japanese artillery.

[4] After the war in 1948, Colombia Victory was laid up Wilmington, Delaware, as part of the United States Navy reserve fleets.

[5] On 15 April 1952 at Savannah, Georgia, she was commissioned by the Navy as the USS Betelgeuse (AK-260) and placed under the operational control of the Service Force, U.S. Atlantic Fleet.

From her commissioning in 1952 through 1960, "Goose" made resupply missions to the Caribbean and the Mediterranean with occasional trips to base in the West Indies, Bermuda, and the Azores.

Number Three hold received another major conversion, this time to the new concept of vertical stowage and transport of missiles.

Commencing in 1962, Betelgeuse (AK-260) made resupply runs to Holy Loch, Scotland and Naval Station Rota, Spain.

From December 1965 through March 1966, Betelgeuse underwent a regular overhaul at Detyen's Shipyard, Mount Pleasant, South Carolina.

During the overhaul, two men earned the Navy and Marine Corps Medal for risking their lives in a successful rescue of two shipyard workers from a fume filled tank of an aviation gas barge.

Two FBM resupply voyages were made to Holy Loch, Scotland in July and September and an operational visit to Portsmouth, England.

Two more FBM resupply voyages were made to Rota, Spain in October and November prior to going into upkeep and leave period in Charleston, South Carolina for the month of December.

From 1 January 1967 until 30 August 1967, Betelgeuse operated with the U.S. Atlantic Submarine Force providing services as required from retrieving torpedoes during target services to replenishment of the Polaris site at Charleston, South Carolina, with the exception of the period 4–22 June 1967 when Betelgeuse participated in Operation New Look.

While in Washington, a visit to the Puget Sound Naval Shipyard had to be made to repair a leaky economizer tube in Number One boiler.

During 1969, Betelgeuse twice provided target services and retrieved torpedoes for submarines and participated in two operational tests of the fleet ballistic missile system as down range support ship and once again a liberty port visit was made to Miami, Florida.

While underway on the second trip to Holy Loch on 28 February, after experiencing heavy seas for several days, the weather appeared to be clearing and the seas calming when the ship rode up on an unusually large wave of about 60 feet and pounded heavily, resulting in the rupture of a fuel tank under Number One hold.