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1.
Usually only seen in small to mid-sized bars, when a bartender gives a patron a drink "on the house". This usually occurs after the patron purchases three or more drinks. It keeps the patron buying drinks and gives them satisfaction.
Man #1: Sweet! I just got a free drink!

Man #2: Finally a buy back! Let's get some more shots and beer!

Man #1: I love this bar...
by Jellynuts August 10, 2007
 
2.
A free drink; Usually supplied by a bartender to reward good tipping or to compensate for poor service.
I was out of cash but the bartender said I had a buyback left, so I asked for another Harvey Wallbanger.
by Milt "Goddamn" Reder October 22, 2007
 
3.
When the bartender buys you a drink after you buy two.
Dude, Collins Bar rocks because the bartenders always give you buy backs.
by coodence July 20, 2007