However, with the lofty ambitions of owner Evangelos Marinakis, hugely popular manager Steve Cooper was dismissed shortly before Christmas with the club languishing near the bottom three again.
Here, Sports Mole looks back on Forest's fortunes in 2023 and their possible targets heading into the new year.
League Form:
Despite Marinakis's hopes of turning Forest into a top-half Premier League club, the first objective was for the club to survive on their first season back, and Cooper battled against speculation surrounding his future to keep them up with a game to spare.
However, Forest have not progressed in the way Marinakis would have liked, with the side still in a similar position, just above the relegation zone, so Cooper was sacked just before Christmas, with Nuno Espirito Santo being brought in.
The pressure will be much higher on the Portuguese boss as he does not have that credit in the bank to fall back on, but a perfect start with wins over Newcastle United and Manchester United to finish the year has kept them clear of the bottom three for now.
Cup Form:
Forest supplemented their first season back in the top flight with an excellent run in the EFL Cup, reaching the semi-finals, but they were beaten convincingly 5-0 on aggregate by Man United back in January.
This season proved much less successful, as they crashed out at the first hurdle against Burnley at the City Ground, a feat they also suffered in the third round of the FA Cup, where they were thrashed 4-1 by Blackpool.
Intriguingly, Forest face Blackpool again in the third round next week, but this time at home, with revenge on the agenda for the Premier League side.
Transfer Business:
The sheer volume of transfer activity at Forest means there is bound to be some standouts and some major disappointments, and that has rung true.
While January signings Keylor Navas and Danilo both played a huge part in keeping Forest in the Premier League, the likes of Gustavo Scarpa, Jonjo Shelvey and Andre Ayew did not, and unsurprisingly they all left during the summer.
Huge amounts were spent again in the summer, and Anthony Elanga and Murillo have proved to be very shrewd signings for modest fees, while Nicolas Dominguez, Ola Aina and Ibrahim Sangare have been solid.
However, there is a possible issue in goal, as both Matt Turner and Odysseas Vlachodimos have been dropped for each other at stages during the season, despite both only being brought in back in August.
Manager's Position:
Nuno will be under much more intense scrutiny as comparisons with fan-favourite Cooper will be made frequently, but the former Wolverhampton Wanderers and Tottenham Hotspur boss has made a promising start.
Forest were very unlucky to lose against Bournemouth in his opening game after a harsh red card, but they were sensational in beating Newcastle 3-1 at St James' Park on Boxing Day, before a memorable 2-1 win over Man United at the City Ground, their first over the Red Devils at home for 31 years.
Unless Nuno can lift Forest close to a top-half finish, Marinakis is unlikely to be impressed though, but he is expected to be given at least two transfer windows before being judged too closely.
Best Moment:
Clinching Premier League survival in your first season back at the top level for 23 years in front of your home supporters against a heavyweight of the English game was the perfect finale for Forest in May.
Taiwo Awoniyi's solitary strike in a 1-0 win over Arsenal sparked jubilant scenes at the City Ground as Forest stayed up despite being one of the favourites to go down, and allowed Marinakis to continue his ambition of making Forest a top-half Premier League club.
Worst Moment:
Seeing the demise of Cooper was undoubtedly the lowest point for Forest supporters, given the legendary status he has earned at the club over the past two years.
Many claim the Welshman is the best manager they have had since Brian Clough, as he guided the club from the bottom of the Championship back to the top after so long away.
The feelings of the Forest fans were made clear when despite suffering a 5-0 defeat at Fulham, the away section chanted the manager's name in unison following the final whistle, but unfortunately, a change in the dugout was inevitable.
Targets for 2024:
After a slide down the table due to poor form in Cooper's final months in charge, Forest will look to pick up more results similar to their superb wins over Newcastle and Man United in order to open up a healthy gap to the bottom three again.
The Premier League appears to be very open this season, as Bournemouth and Everton - without the 10-point deduction - have proved that a run of good form could catapult you close to the top half even if relegation fears were knocking about just weeks previously.
After losing Brennan Johnson in the summer though, the Forest faithful will hope star man Morgan Gibbs-White does not follow suit in 2024, as keeping the former England youth international will be pivotal if they are to remain competitive in the Premier League.
January Window Targets:
Marinakis has always provided healthy backing in the transfer market, and after choosing to change manager, he is set to provide Nuno with additional funds in January.
The underwhelming starts made by Turner and Vlachodimos mean another goalkeeper could come in, while injuries have decimated the Forest defence at times, so additional reinforcements could be targeted in that area too.
Chris Wood has gone about proving he is the man to step up and replace Awoniyi following the Nigerian's injury, as his hat-trick at Newcastle could deter the club from spending big on another striker this winter, but depth in that striking role is lacking currently
Overall Rating: 6/10
Returning to the top flight, Forest's main goal was always going to be survival, and they achieved that, but a poor run of form at the end of the year means another fight at the bottom could await in 2024.
Seeing Cooper's tenure at the club end was also heartbreaking for the supporters, but Nuno has made a positive start, so there are promising signs for the Forest faithful to take into the new year.