The opener played eight County Championship matches in both the 2011 and 2012 seasons, scoring 1,131 runs in total at an average of over 40.
His contribution helped them to the Division Two title three years ago, and he will now return for the first six matches of their campaign this year as they once again seek promotion.
The 28-year-old will also play three NatWest T20 Blast matches before linking up with the Black Caps for the one-day international part of their tour of England.
He said: “I always wanted to go back to Derbyshire when the time was right. I get on great with the people and have lots of really good memories.
“Hopefully I can help my county make a quick start to the season to get them in the promotion mix again; and get the lads off to a flier in NatWest T20 Blast.”
Guptill has 31 Test caps to his name but has not played in that format in nearly two years.
He is, though, a regular in the ODI set-up, having played 96 matches, while he has also made 48 appearances for New Zealand’s Twenty20 team.
His return to Derbyshire has been welcomed by elite performance director, Graeme Welch, who said: “Martin is a proven match-winner. He’s proved it for New Zealand and he’s done it a number of times for Derbyshire too, across all three forms of the game.
“We hope he can repeat the form of his last spell with the club. He’s probably an even better player now than the one that left.”