On 29 August 2020, Smith Rowe was named an unused substitute in the 2020 FA Community Shield, which Arsenal clinched a 5–4 victory over Liverpool in the penalty shootout after the match was 1–1 after 90 minutes. Following his return to Arsenal in 2020, Smith Rowe struggled with injuries before returning to fitness in the autumn. Although he performed well in Arsenal's Europa League group fixtures, scoring or assisting in each of his matches, he did not start any of Arsenal's matches in the Premier League in October or November. Following Arsenal's worst league start in decades, manager Mikel Arteta entrusted Smith Rowe with the number 10 role, replacing Willian, on Boxing Day against London rivals Chelsea, helping to inspire a 3–1 home win to end the club's poor run of form. In his next 5 games, Emile Smith-Rowe recorded 3 assists and scored a goal in a FA Cup 2–0 win against Newcastle United. Due to his excellent performances, Smith Rowe was voted as the runner up of the Player of the Month in January on Arsenal official website. On 14 March 2021, Smith Rowe played in the North London derby for the first time and delivered a Man of the Match performance in a 2–1 win over Tottenham Hotspur. On 9 May 2021, Smith Rowe scored his first Premier League goal in a 3–1 home win over West Bromwich Albion. On 12 May 2021, Smith Rowe scored the only goal in a 1–0 away win over Chelsea, sealing the Gunners' first win at Stamford Bridge in nearly 10 years and Arsenal's first league double over the Blues since 2004.