The historic Cross Keys in St James's Street served its last pint in April last year and its closure was blamed on modern drinking habits and its location on the edge of town.
But it had many loyal customers who were saddened by the landmark pub's closure.
Still keeping its original name, the Cross Keys will be run by landlady Chloe Egan (26) with her mum, Caroline Egan.
The duo also run Bootleggers pub in Boot Way in the town centre. Both buildings are owned by Caroline's brother-in-law Phil Egan.
Caroline said: "A lot of people were sad when the Cross Keys closed and they kept asking why can't it re-open as a pub so we know there is a call for it.
"We have spent months refurbishing the place and in the last couple of weeks two lads walked past and when we told them it was re-opening as a pub they started jumping up and down they were that happy.
"We want people to know the Cross Keys is back open and under new management."
Caroline said the pub would have regular DJs, singers and also screens for sporting events. Two pool tables have also been installed and pool and darts teams set up.
The historic pub is believed to be Burnley’s second oldest pub after the Swan. A pub or inn has existed on that site since the early 1500s.
The present building has stood there since 1906. One of the most notable features is a stone carving of cross keys above the entrance to the pub.
The Cross Keys name can be attributed to its link to St Peter’s Church in the town, the chapel for Whalley Abbey, which owned the land.