The Offshore Patrol Vessel sailed from Falmouth last week, before being at anchor in the Solent over the weekend.
The paintwork style was introduced towards the end of the First World War, with the various shapes, angles and colours intended to confuse enemies trying to identify and target ships.
However, the 21st-century revival of the paint scheme is a nod to naval history, rather than an operational move, and is set to be applied across the entire Batch 2 River-class Offshore Patrol Vessel fleet.
HMS Spey is the fifth and final of the Navy's new Offshore Patrol Vessels, formally joining the service earlier this year.
Spey's makeover comes after HMS Tamar also received the camouflage paint job last month at Falmouth, Cornwall, ahead of her deployment to the Asia-Pacific region.
It is thought to have been the first time the paint scheme had been applied to a serving Royal Navy ship since the Second World War.
Watch: HMS Tamar at sea las month following her 'dazzle' makeover.
Cover image: HMS Spey with new dazzle camouflage paintwork (Picture: HMS Spey Twitter).