A hydraulic system for a machine is disclosed. The system may have a pump and a motor driven by pressurized fluid from the pump. An accumulator is configured to receive fluid discharged from the motor and to discharge fluid to the motor. The system may include a first valve to selectively communicate the higher pressure of conduits coupled between the pump and motor to the accumulator. A second valve and a third valve can be used to facilitate charging and discharging of the accumulator. The system may include a controller configured to implement a plurality of modes of operation, which each mode of operation may include a different combination of motor deceleration and motor acceleration segments during which the accumulator receives and discharges fluid, respectively. An input may be used to determine the segment of the work cycle.