In 1950 Lane Victory was taken out of storage and was back in service. She was then deployed to evacuate Korean civilians and United Nations personnel at Wonsan, North Korea. During December 1950 she evacuated over 3,800 U.S. troops and 1,100 vehicles from Hungnam while under attack during the Battle of Chosin Reservoir. Lane Victory offloaded troops, vehicles and cargo as the cruiser USS Saint Paul and destroyers laid down a covering fire. After unloading she evacuated 7,009 men, women and children, taking them south to safety. When the ship arrived 7,010 passengers disembarked, as a baby had been born during the voyage. On October 10, 1953 she was again laid up in Suisun Bay, California storage. An annual Korean War tribute day is held aboard SS Lane Victory in honor of those saved.
In 1966 the ship was restored to duty again for the Vietnam War. She also saw duty during the conflict moving ammunition and supplies to and from the war zone in Vietnam. On April 29, 1970 Lane Victory was laid up again at Suisun Bay for storage in the National Defense Reserve Fleet.
A nationally recognized historic landmark, the S.S. Lane Victory now serves as a living museum and memorial to the service and sacrifices of all Merchant Marine sailors and Navy Armed Guardsmen. Volunteers of the Lane Victory Maritime Center have now spent countless hours of restoration to return her to her original condition. She became a fixture on San Pedro’s waterfront in 1990.