The mast features parish flags amongst many others
The mast was built to coincide with the 60th anniversary of Liberation Day and the SeaGuernsey festival.
Designed and built by Marine and General the mast has stood in pride of place on St Julian's Roundabout since May 2005.
Since it was first raised the mast has been used to fly flags specific to events taking place around the island.
The 100ft (30m) structure is based on the mizzenmast of a 74-gun vessel seen in Guernsey waters in the 18th Century.
Guernsey maritime hero Admiral Lord James Saumarez commanded the 74-gun Orion at Battle of the Nile, where he was second-in-command to Admiral Lord Horatio Nelson.
Deputy Mike O'Hara said the mast was "an icon for the island" and echoed the maritime links of the island.
Though controversial when first constructed the mast has become a landmark in St Peter Port and is one of the first things seen by visitors to the island travelling by boat.
Events celebrated on the mast have included Royal visits, naval ships coming to the island and BBC Children in Need.
In 2006 Children in Need was marked with a Pudsey flag
In 2009 a special flag raising ceremony was held at the beginning of the summer season as the mast marked the 204th anniversary of the Battle of Trafalgar, where 29 Guernseymen served.
As well as the flags raised to mark events and visits to the island the flags of the island's parishes are also flown from the mast and at Christmas strings of lights run from the ground to its top as it becomes the Rotary Club's Tree of Joy.
In January 2010 the mast was removed from the roundabout for renovation.
Captain Peter Gill, Guernsey's harbour master, said that when it was originally constructed the mast was "intended to last for one year" and that this work should allow it to "last another 15 years".
Andy Way from Marine and General said taking it down was "a fairly straight forward job" with the only real issue being the need to close the central lane of the roundabout.
The work included repainting the whole structure and replacing several of the components, which had previously been made of mild steel, with stainless steel.
Though the mast came down in January the completion of work was delayed by the particularly cold temperatures that were experienced in January and February, but by late March the £10,000 worth of work was well underway.
Captain Gill said that the mast should be put back up on April 18 in plenty of time for the Liberation Day celebrations in May.