How to reinitialize the Python console in PyCharm?

The other answer is correct, I'm adding a new answer on how to create a shortcut for re-running the console. By default, it doesn't have any shortcut, but you can add it by mapping it in Keymap.

1. Open Preferences (in Mac: Cmd+,) and search for "rerun"

2. Add the keyboard shortcut for Rerun by double-clicking the "Rerun" line. As you can see from the image below, I assign Cmd+Shift+O for it.

Now you can rerun the console by using the shortcut and don't have to use your mouse anymore.

There is a little reset button (small square with a curved green arrow can be seen above) on the top left of the console that says "Rerun" as the tool tip; this seems to reset the console.

If you can't see the button, the Toolbar might be hidden. To get the Toolbar you need to right click on the "Python Console" tab, and click on "Show Toolbar"