With the Flames embracing a rebuild of the team, on June 27, 2013, Tanguay was traded back to his original club, the Colorado Avalanche, along with Cory Sarich in exchange for Shane O'Brien and David Jones. In his homecoming game with the Avalanche in their season opener for the 2013–14 season, Tanguay posted 3 assists in a 6–1 victory over the Anaheim Ducks. He was instrumental in Colorado's league best start to the season until he suffered a knee injury after 13 games in a contest against the Montreal Canadiens on November 2, 2013. Tanguay missed the next 36 games before returned to play on January 24, 2014, against the Florida Panthers. Tanguay was limited to just 3 further appearances with the club before he was ruled out for the remainder of the season to undergo hip surgery on February 21, 2014. In his 16 games, Tanguay totalled 11 points and helped the Avalanche to a 15–1 record when in the line-up.