Cole netted his first hat-trick for Lille in a 6–0 victory over amateur club Chantilly in the Coupe de France Round of 64 on 7 January 2012.
Cole scored his fourth league goal of the season in a 4–1 triumph over Ajaccio on 15 April, firing the ball just inside the post following a cross from Nolan Roux. The final appearance in his loan with Lille came in their 4–1 final day victory over Nancy, he provided an assist for one of Eden Hazard's three goals and was later substituted off in the 64th minute by Nolan Roux. The playmaker underwent a career renaissance during his loan spell with Lille, scoring on four occasions in 27 league appearances and providing three assists. Following the season, Lille manager Rudi Garcia declared his desire to keep Cole at the club. On 5 June 2012, however, he confirmed that Cole would not remain at Lille after stating that new Liverpool manager Brendan Rodgers wanted the player to rejoin the Liverpool squad.
After a one-year loan to Lille, Cole returned to Liverpool with new manager Brendan Rodgers saying he wanted to have him in the squad for the upcoming season. He played three pre-season matches, against Toronto FC, Roma, and Tottenham Hotspur. On 2 August 2012, Cole started his first Liverpool game for over a year, playing in the Europa League first leg qualifier victory over FC Gomel. He was substituted after just 23 minutes being replaced by Raheem Sterling after tweaking his hamstrings. On 18 August 2012, he was able to return as a substitute in Liverpool's 3–0 defeat to West Bromwich Albion.
On 22 November 2012, Cole was given a start against BSC Young Boys in the Europa League, providing a cross to Jonjo Shelvey to score the opener and then scoring Liverpool's second, in the 2–2 draw. On 9 December 2012, he scored the equaliser as Liverpool beat his former club West Ham 3–2.