Farooq Abdullah (80) was re-elected unanimously at the session held at the Sher-e-Kashmir Cricket Stadium where thousands of party delegates participated in the day-long session.
He was first appointed as the party president in 1981 and had continued to hold the post, except from 2002 to 2009.
In 2002, in a similar function held at the same venue, Farooq Abdullah had passed the baton to his son, Omar Abdullah, who was then a minister of state for external affairs in the Atal Bihari Vajpayee-led NDA government.
There were reports that owing to old age and health, Farooq Abdullah might step down once again make his son the party president.
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Farooq Abdullah himself said at the function that he did not wish to continue.
"I thank you all for electing me president but I did not want to continue as the party president as I'm getting old. Doctors have so far not been able to invent an injection to reverse ageing, even as I'm myself a doctor," he said.
On the occasion, Omar Abdullah congratulated his father and said becoming the party president in 2002 was a mistake he did not want to repeat.
He said Farooq Abdullah wanted them to take away the responsibility from his shoulders and he forced party general secretary Ali Muhammad Sagar to call delegates' session for new election.
He said the party needed Farooq Abdullah more because of the prevailing situation in the state.
"Whatever happened, has happened. But this time, I am not ready to repeat that mistake...and in today's time, when our state is facing so many difficulties and challenges and when the NC is being targeted, we cannot leave you," he said.