The University of Magallanes was established in 1981 during the neoliberal reforms of the Chile's military regime as the successor of Universidad Técnica del Estado's Punta Arenas section.

[4] Currently there are five faculties, two autonomous schools and one interdisciplinary institute which perform academic tasks (undergraduate, graduate, research and extension).

In March 1981 it became the Magellan Professional Institute and finally on October 3 of the same year it acquired its actual formalization as University of Magallanes.

[8] Since 2008 to date, the university started a process of curriculum redesign to focus on competences, skills development and learning outcomes.

During the redesign process the university ascribed to the Credit Transfer and Accumulation System for its graduate and postgraduate courses.