To look back on or recall past events, or to rethink and change one's mind; can mean to recollect or to reconsider depending on context.
子供の頃のことを思い返すと懐かしくなる。
Thinking back on my childhood makes me feel nostalgic.
一度言ったことを思い返して、謝ることにした。
I reconsidered what I had said and decided to apologize.
計画を思い返して、別の方法を試すことにした。
I rethought the plan and decided to try a different approach.