Boyd returned to his parent club ahead of the 2010–11 season, with Peterborough competing in League One following the club's relegation from the Championship the previous season. In July 2010 it was announced that Boyd had agreed a new three-year contract with Peterborough. On agreeing the new contract, Boyd said "I firmly believe this club is going places and I want to be a part of that". He scored in Peterborough's first match of the 2010–11 season, a 3–0 win against Bristol Rovers. He scored his second goal of the season in the club's following match, netting Peterborough's second in a 4–1 League Cup first round victory against Rotherham United. Boyd scored his third goal in four matches in the club's win against Huddersfield Town, as Peterborough came from two goals down to win 4–2. Three days later, Boyd scored the winner in Peterborough's 2–1 League Cup win against Cardiff City, as well as providing the assist for the first goal. He scored his fifth goal of the season in a 5–2 win against Oldham Athletic, scoring Peterborough's third as the club came from two goals down to record three points.