The squadron was reformed in October 1984, after being disbanded in 1966, with ex-US Navy/Marine F-4Js (designated as the Phantom F.3 in RAF service) that were purchased by the RAF to replace those of 23 Sqn that had been sent to the Falklands after the war. In 1991 74 Sqn gave up their Phantoms and shared Phantom FGR.2s with 56 Sqn, both Squadrons then being at RAF Wattisham. In October 1992 No.74 became a Reserve Squadron with Hawks at 4 Flying Training School at RAF Valley.
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