Due to its picturesque setting, the mountain village today strongly relies on tourism, including cross-country skiing in winter.

The municipal area comprises the cadastral communities of Kleinpreitenegg, Oberauerling, Oberpreitenegg, Preitenegg, Unterauerling, and Unterpreitenegg.

From the 11th century onwards, the upper Lavant valley belonged to the Bamberg ecclesiastical estates within the Duchy of Carinthia, ruled by episcopal ministeriales residing at Waldenstein Castle near Wolfsberg.

The linear village arose on the historic country road (Packer Straße), originally only a mule track, that ran from Carinthia across the Pack Saddle to the Styrian capital Graz.

In 1695 the Waldenstein estates were acquired by the noble House of Schönborn, in 1852 they passed to Henckel von Donnersmarck family.