On 6 December 1950, six days after arriving in San Diego at the conclusion of her seven-month-long initial Korean War deployment, USS Valley Forge returned to sea. The new and very intense Chinese Communist offensive had put the United Nations' forces in crisis. Every available carrier was badly needed to help counter the onslaught. Even before she arrived at San Diego, Valley Forge's overhaul was deferred. Once in port, provisions were embarked, a fresh air group placed aboard and back across the Pacific she went. Her planes were back in action two days before Christmas.

During this second combat tour, Valley Forge, whose new air group consisted entirely of propeller-driven F4U "Corsair" fighters and AD "Skyraider" attack planes, launched nearly 2600 aircraft sorties and deposited about 1500 tons of ordnance on the North Korean and Chinese forces. By the end of January, in the face of harsh Korean winter weather, the enemy offensive was stopped. UN forces again pressed northward. With the emergency under control, Valley Forge could be released to enjoy an overdue refit. She left for the U.S. on 29 March and was soon in shipyard hands for several months' work.