A crane lifted the second V Class steam locomotive out of the river on Thursday. They had been dumped north of Lumsden in 1927.
Last month, another locomotive and a coal tender were lifted from the same place.
The Lumsden Heritage Trust chairman John Titter said it was a surprise being able to recover the second locomotive.
"We though we would not be able to because it was deeper in the river — but, with a winching system, we made it. I’m absolutely delighted."
The locomotive was relocated to a track at the Lumsden Railway Precinct.