The history of Teatro Caupolicán began in 1936, when the Caja de Empleados Públicos (or the resources for public employment), financed the construction of the location for large scale spectacles in Santiago.

The theatre hosted boxing events, including fights with Arturo Godoy, Antonio Fernández, Godfrey Stevens, Samuel Serrano defending his WBA world Junior Lightweight title against Benedicto Villablanca,[3] and Martín Vargas.

Former presidents Arturo Alessandri, Eduardo Frei Montalva and Salvador Allende all held rallies in this theatre.

[6] Nobel prize winning Chilean poet Pablo Neruda once spoke at this theatre.

The list of artists who have performed on its stage includes Roxette, Louis Armstrong, Caterina Valente, Duke Ellington, Bill Haley & His Comets, Jorge Negrete, Lucho Gatica, El Indio Araucano, (singer) winner of El Disco De Oro in 1938, Raphael, Lola Flores, Maurice Chevalier, Juliette Gréco, Chito Faró, the New York Philharmonic, Toto, Electric Light Orchestra Part II, Chick Corea, Herbie Hancock, Ghost, Creedence Clearwater Revisited, Green Day, The Ramones and Claudio Arrau.

[11] Other artists that have performed at Teatro Caupolicán include: Air Supply,2 Minutos, Alice Cooper, All Time Low, An Cafe, Anathema, Avenged Sevenfold, Bad Religion, Beastie Boys, Belinda, Black Rebel Motorcycle Club, Brett Anderson, Bruce Dickinson, Cannibal Corpse, Carcass, Chancho en Piedra, Cyndi Lauper, Creed, Creedence Clearwater Revisited, Day6, Death, Deep Purple, Dir En Grey, Epica, Eterna Inocencia, Europe, Faith No More, Fear Factory, Fiskales Ad-Hok, Garbage, (G)I-dle, Green Day, Gustavo Cerati, Hatebreed, Iron Maiden, Jamiroquai, JYJ, Klaxons, Korn, La Polla Records, Lacuna Coil, Los Fabulosos Cadillacs, Los Miserables, Mägo de Oz, Marillion, McFLY, Megadeth, Misfits, Motörhead, Muse, Nightwish, Noel Gallagher, NOFX, Opeth, Ozzy Osbourne, Panda, Pantera, Paradise Lost, The Ramones, Roxette, Scorpions, Sepultura, Sex Pistols, Simple Plan, Shaila, Slash, Soda Stereo, Sonata Arctica, Steven Wilson, Stryper, Suicidal Tendencies, Symphony X, Tarja Turunen, The Exploited, The Gathering, The Gazette, The Hives, The Kooks, The Rapture, TVXQ, Vamps, Vicentico, WarCry, Within Temptation, X Japan, Yngwie Malmsteen, Emma Shapplin, Ha*Ash, NMIXX, among others.