In 1900, she returned to the Mediterranean and underwent a refit at Malta. Under the command of Captain Charles Henry Cross, she took part in combined manoeuvres off Cephalonia and Morea in late September and early October 1902. Her Mediterranean service over, "Victorious" was paid off at Chatham on 8 August 1903 and began a refit there that lasted until February 1904. "Victorious" was recommissioned at Devonport on 2 February 1904 to serve as second flagship of the Channel Fleet. On 14 July 1904 the torpedo boat rammed her at Hamoaze, slightly damaging her. When under a reorganization on 1 January 1905, the Channel Fleet became the new Atlantic Fleet, and "Victorious" became an Atlantic Fleet unit.