Branston enjoyed an eight-game spell at Home Park at the start of his career, when he was loaned to the Pilgrims by Leicester.
Since then he has played for 19 clubs in a 15-year career - including Argyle's rivals Torquay.
Recalling his previous stint at the club, the 34-year-old told Plymouth's official website: "I remember doing well down here and enjoying it, but it was just too far away from Leicester for me to live.
"Mentally, it was tough. As a young boy I still had that mentality 'you've got to be around your friends, you've got to be around your girlfriend', that kind of thing.
"Now I'm down because my girlfriend is down here in Devon. It's my home now. My family's down here and it's where I want to be. It's good that I can kick on and hopefully do well here."