Amenity migration in the mountain regions of southern Chile is a phenomenon that academia has not analysed very often. However, it has gained greater prominence in recent years and is becoming an important factor in generating change in these rural areas. This paper presents the results of the economic and social transformations observed in Malalcahuello, a mountain village in northern Chilean Patagonia that finds itself in an emerging stage of this process. The arrival of new economic actors, together with amenity, has produced a revival in the village and developed new economic functions, now aimed at developing residential real estate and special interest tourism. These activities represent an opportunity and also a challenge for the future development of this mountain village as a tourist destination. Furthermore, changes in social dynamics have been observed and influenced by the new inhabitants in particular, who possess the means to take action to protect the environment and the territory. This has provoked a re-evaluation of the territory, in part by the traditional inhabitants.