The 21-year-old Lang Touner joined the club midway through last season from rivals the Glasgow Clan, moving back to where he started his pro-career at the Fife Ice Arena.
Cochrane has featured in the Flyers line-up 74 times and racked up 94 Elite League appearances in total.
He has also appeared a number of times for both Scotland and Great Britain at youth level, taking the captaincy and assistant captaincy along the way.
“I am excited to be back at Fife and back in my hometown,” he said.
"I’m looking forward to the season ahead and playing in front of the Fife fans again.
“Hopefully we can have a great season and have the Auld Barn rocking again.”
Head Coach, Todd Dutiaume, added: “Reece joined us towards the end of last season and was thrust into the line-up.
"He needs a strong off season of hard work to maximise his success against the big, strong and quick forwards in this league.
“We expect Reece to come into camp looking to solidify his regular position in the line-up.”