Ofsted judged the school 'good', concluding that students enjoy attending, their conduct is of a high standard and they appreciate the enrichment opportunities provided.
Principal Nigel Whittle, who joined the academy in April, 2022, was pleased with the inspectors' findings.
"The report is an extremely positive reflection of the school's work," he said.
"It is testament to the expertise, skills and commitment of every member of staff and the brilliant support provided for our young people.
"We have outstanding practice in a range of different areas and subjects. Inspectors acknowledge that recent change has brought about improvements in behaviour and created a raft of enrichment opportunities."
Ofsted's report says:
Mr Whittle said: "This is a large school and change takes time to embed. But we are making rapid progress and parents can be reassured about our trajectory.
"My team and I are determined to ensure when inspectors return, this school will be outstanding across all areas."
Philip Bond, Chair of Governors at the school and of Lincolnshire Gateway Academies Trust (LGAT), highlighted a different inspection criteria to when the Academy was last inspected, fundamentally changing how schools are judged.
"Waltham Toll Bar has been inspected under a different framework to the one when it retained its outstanding status 10 years ago," said Mr Bond.
"The latest inspection report is a positive reflection of the academy's current position, with improving standards, especially since the appointment of the new Principal."
LGAT's Chief Executive Officer Martin Brown said: "Under the leadership of Nigel Whittle and his senior team, we are very confident about the Academy's future.
"Waltham Toll Bar has always had a reputation for high academic standards and equally high standards of behaviour. Ofsted has recognised this remains the case.
"It has now added a fabulous enrichment programme, the likes of which I have not seen anywhere else. Inspectors picked up on this.
"It's geared towards preparing well-rounded, academically ambitious students, ready for their next stage of learning or employment and offers wonderful opportunities for all our students."
Mr Whittle said the Academy was listening to parents and would be improving communication and engagement over the coming weeks.
"Parents should have no doubt about our forward momentum. But we want to do better. The best interests of children are served when school works in partnership with parents.
"This is what changes to the way we communicate and engage will, hopefully, achieve. We want to take the whole school community with us on our mission to be outstanding across all areas."
Ofsted judged the academy 'good' at our most recent inspection. Full report here