Victorious left Australia in September 1945, arrived back in Britain on 27 October and undertook three trips to collect servicemen and war brides of British servicemen from Australia and the Far East.
In the winter of 1946–47, the first deck trials with the Hawker Sea Fury (Mark 10) took place aboard Victorious, leading to its approval for carrier operations in early 1947.

Victorious was reduced to the reserve at Devonport on 15 January 1947, on completion of her trooping duties.
From June that year she was modified at Portsmouth Dockyard with additional accommodation and classrooms and on 1 October 1947, joined the Home Fleet Training Squadron, replacing the battleship Nelson.
In July 1948, Victorious was deployed to Portland Harbour in support of the sailing events at the 1948 London Olympic Games.
In 1949 she was refitted at Rosyth and took part in several training cruises and Home Fleet exercises.

The ship was extensively reconstructed and modernised at Portsmouth Dockyard between 1950 and 1958.
 This took over eight years because of frequent design changes to allow for new technologies.
And in particular, the decision in 1953 that she would have to have her original steam turbines replaced, to be viable past 1964, which meant much work had to be redone, and a new flight deck installed twice over.
 The cost of the reconstruction increased from 5 million pounds to 30 million pounds creating what was in many respects a new ship.
 Her hull was widened, deepened, and lengthened; her machinery was replaced with Foster-Wheeler boilers; her hangar height was increased; new armament of 3 inch (76 mm) guns was installed; a fully angled flight deck (of 8 degrees) and steam catapults were added.
Her radar equipment was extensively altered to include up to date equipment, and included the first type 984 3-D radar system to be installed on a ship.
While it was hoped she could operate a full air group of 50 aircraft, the rapid increase in size of the jets coming into service limited her to operating no more than 28 aircraft (including helicopters).

On 25 September 1958 Commander J. D. Russell drowned in his Supermarine Scimitar after a failed attempt to land on Victorious for the first time after her refit.
Although the landing hook engaged the arrestor wire, the wire itself snapped due to improper rigging and the aircraft then rolled slowly over the side.
It sank very slowly, but the plane-guard helicopter crew couldn't release the pilot, and it was seen that Cdr Russell had opened his canopy and then closed it again, possibly an effect of gravity on the heavy frame.
The other seven Scimitars in the stream diverted away to Yeovilton.

In 1960, after recommissioning into the Home Fleet on 14 January 1958, with work-ups and deployments in the Atlantic and Mediterranean Sea, she portrayed both herself and HMS Ark Royal during the filming of the British film Sink the Bismarck!.
 This was despite post-war modifications significantly altering her appearance – the addition of an angled deck and a Type 984 "searchlight" radar.
The actor Kenneth More who had served aboard Victorious as a junior officer, played a fictitious Admiralty Director of Operations.
 He is shown giving the order to detach Victorious from Convoy WS 8B, which was forming in the River Clyde in order to move almost 20,000 troops to the Middle East.

Victorious took part in Operation Vantage in support of Kuwait in July 1961 Later in 1961 she would sail to join the Far East Fleet.
In 1964, she provided support for the newly independent state of Malaysia against territorial expansion by its neighbour, Indonesia.
In April 1966 departed again to serve with the Far East Fleet for a year, during which she proved capable of landing and then launching a USN Phantom F-4 from USS Ranger, returning to the UK for a refit period from June 1967, which was almost completed, when a minor fire provided a political excuse to delete her on 13 March 1968, in further defence cuts, as a third operational carrier was no longer required for the two further years, she was intended to serve, til
Victorious left Australia in September 1945, arrived back in Britain on 27 October and undertook three trips to collect servicemen and war brides of British servicemen from Australia and the Far East. In the winter of 1946–47, the first deck trials with the Hawker Sea Fury (Mark 10) took place aboard Victorious, leading to its approval for carrier operations in early 1947.
Victorious was reduced to the reserve at Devonport on 15 January 1947, on completion of her trooping duties. From June that year she was modified at Portsmouth Dockyard with additional accommodation and classrooms and on 1 October 1947, joined the Home Fleet Training Squadron, replacing the battleship Nelson. In July 1948, Victorious was deployed to Portland Harbour in support of the sailing events at the 1948 London Olympic Games. In 1949 she was refitted at Rosyth and took part in several training cruises and Home Fleet exercises. 
The ship was extensively reconstructed and modernised at Portsmouth Dockyard between 1950 and 1958.  This took over eight years because of frequent design changes to allow for new technologies. And in particular, the decision in 1953 that she would have to have her original steam turbines replaced, to be viable past 1964, which meant much work had to be redone, and a new flight deck installed twice over.  The cost of the reconstruction increased from 5 million pounds to 30 million pounds creating what was in many respects a new ship.  Her hull was widened, deepened, and lengthened; her machinery was replaced with Foster-Wheeler boilers; her hangar height was increased; new armament of 3 inch (76 mm) guns was installed; a fully angled flight deck (of 8 degrees) and steam catapults were added. Her radar equipment was extensively altered to include up to date equipment, and included the first type 984 3-D radar system to be installed on a ship. While it was hoped she could operate a full air group of 50 aircraft, the rapid increase in size of the jets coming into service limited her to operating no more than 28 aircraft (including helicopters).
On 25 September 1958 Commander J. D. Russell drowned in his Supermarine Scimitar after a failed attempt to land on Victorious for the first time after her refit. Although the landing hook engaged the arrestor wire, the wire itself snapped due to improper rigging and the aircraft then rolled slowly over the side. It sank very slowly, but the plane-guard helicopter crew couldn't release the pilot, and it was seen that Cdr Russell had opened his canopy and then closed it again, possibly an effect of gravity on the heavy frame. The other seven Scimitars in the stream diverted away to Yeovilton.
In 1960, after recommissioning into the Home Fleet on 14 January 1958, with work-ups and deployments in the Atlantic and Mediterranean Sea, she portrayed both herself and HMS Ark Royal during the filming of the British film Sink the Bismarck!.  This was despite post-war modifications significantly altering her appearance – the addition of an angled deck and a Type 984 "searchlight" radar. The actor Kenneth More who had served aboard Victorious as a junior officer, played a fictitious Admiralty Director of Operations.  He is shown giving the order to detach Victorious from Convoy WS 8B, which was forming in the River Clyde in order to move almost 20,000 troops to the Middle East.
Victorious took part in Operation Vantage in support of Kuwait in July 1961 Later in 1961 she would sail to join the Far East Fleet. In 1964, she provided support for the newly independent state of Malaysia against territorial expansion by its neighbour, Indonesia. In April 1966 departed again to serve with the Far East Fleet for a year, during which she proved capable of landing and then launching a USN Phantom F-4 from USS Ranger, returning to the UK for a refit period from June 1967, which was almost completed, when a minor fire provided a political excuse to delete her on 13 March 1968, in further defence cuts, as a third operational carrier was no longer required for the two further years, she was intended to serve, til
HMS Victorious (R38)