At the end of the 2006 season, the club was relegated from the top league, Formuladeildin. In October 2007 the club was again promoted to the top flight, Formuladeildin. The team had some difficulties this season, not by adjusting to Formuladeildin, but because the first team coach, Jón Simonsen, had to quit his job during the pre-season. Then ÍF hired old legend and Champion of the 1979 team, Abraham Løkin Hansen, to take care of the team until a new coach was hired. Late in April the third coach this season arrived. As the new headcoach of ÍF was another old legend from the late seventees, David R. Jones was hired. Even though the team have had 3 coaches during this season and are newly promoted, they ended at a comfortable 6th place after the first half of the season. After two lost matches in the second half of the 2008 season, ÍF hired coach number 4 that season. The new coach was called Albert Ellefsen and is the former coach at HB Tórshavn. Albert Ellefsen has won the faroese championship 2 times with HB Tórshavn and is also coaching the U19 and U21 national team with Abraham Løkin Hansen. ÍF also used the transfer market during its opening in June and July. First Helgi L. Petersen was brought in from Fram Tórshavn and close to the end of the transfer opening ÍF bought Andy Olsen for an undisclosed fee from NSÍ. ÍF also lost one player during the transfer window opening. Dánjal Pauli Højgaard left to his hometown club in Toftir, B68 Toftir. ÍF finished 7th in their first season back in the top flight.
Jón Simonsen was back as first team coach for the start of the 2009 season and Roy Róin was his assistant, but the board decided to bring in Abraham Løkin Hansen to help Jón Simonsen as first team coach, and decided to let assistant coach, Roy Róin, go for the 2nd half of the season because of bad resaults during the 1st half of the season. ÍF tried to bring in new players during the season and got Faroe Islands all time top goalscorer Rógvi Jacobsen, former ÍF player Viggo Johannesen and one of fierce rivals, Víkingur's most popular player Hans Paule Petersen. During the summer transfer window in 2009, Viggo Johannesen retired as footballer, Hanus Eliasen went to school in Copenhagen while Hans Paule Petersen went back to Víkingur but ÍF got Kaj Ennigarð, younger brother of Poul Ennigarð, from Víkingur and made a loan deal with NSÍ for their young attacker, Øssur Dalbúð. ÍF ended up as number 7 again in 2009.
In the end of 2009 Abraham Løkin Hansen was announced as new first team coach for the season 2010 and ÍF decided to hire Torkil Hansen as his assistant. ÍF sold their Hungarian goalkeeper, András Gángó to NSÍ and didn't resign Hungarian midfielder, Balázs Sinkó and faroese national team defender, Bartal Eliasen. ÍF made a permanent deal with Øssur Dalbúð and bought young starlet, Karl Løkin, from NSÍ in February 2010. ÍF also signed former national team goalkeeper and Goalkeeper of the Year 2008 and 2009, Jákup Mikkelsen, from KÍ and defender Rúni E. Elttør from HB Tórshavn. ÍF won the newly started pre-season competition Eysturoyar Kappingin 2010. They won the final 2-0 against fierce rivals, Víkingur. During the summer transfer window ÍF Fuglafjørður got back defenderBartal Eliasen and lost Kaj Ennigarð. The team reached the cup final but lost it 1-0 against EB/Streymur and ended as number 4 in the Vodafonedivision. The 4th position was enough to secure a qualification place in the 1st round of Euro League 2011–12 competition.
ÍF Fuglafjørður won the Faroese championship in 1979 and have never won the cup title. They lost the cup final 1-0 against EB/Streymur in 2010 and 4-1 against former fierce rivals, GÍ, in 2005. In 2012, they came close to get a second league title, finishing second.