The 25-year-old has given up a possible place in the Indian Premier League and will be available from the start of the campaign through to 12 June.
Guptill spent the second half of last season with the county, scoring 537 first-class runs in eight matches.
"Martin was a match-winner on several occasions in 2011," said head coach Karl Krikken.
"He also proved to be an excellent influence on his fellow players."
Guptill took over from Australian batsman Usman Khawaja for the second half of last season's County Championship and CB40 campaigns, and was the county's leading run scorer in the FL t20.
Krikken said he was thrilled Guptill will be coming back to the County Ground.Continue reading the main story
Martin opened the batting with pleasing consistency in first-class cricket as well as turning in some fantastic performances in the one-day forms of the gameKarl Krikken Derbyshire head coach
"The news is a massive boost for the squad," Krikken added.
"Martin opened the batting with pleasing consistency in first-class cricket as well as turning in some fantastic performances in the one-day forms of the game.
"The experience of playing county cricket will continue to make Martin a better cricketer as his progression as an international player with New Zealand continues."
Chairman Chris Grant added: "Martin is one of the brightest upcoming players in world cricket and I'm delighted he has agreed to return to Derbyshire.
"The best overseas players are those whose performances win matches in all forms of the game. That was certainly the case with Martin last season.
"His commitment to the cause, meanwhile, was typified with his willingness to carry drinks and act as 12th man during a match late in the season when he was ruled out through injury."