For 40 years, Chile has been implementing a series of free-market reforms that can best be described as a neoliberal revolution. This article discusses neoliberalism in Chile as it relates to secondary and higher education. Based on documentary sources and selected interviews with student leaders and others involved, it examines the arguments and actions of the Chilean students within the conceptual framework of social movements, looking into such issues as repertoires of contention, networks and alliances. It traces the evolution of student mobilisation from the initial 'Penguin Revolt' in 2006 to the nationwide disruptions of 2012. The article pays particular attention to the evidence and arguments presented by students in their opposition to the neoliberal policies and examine the response of the Chilean state, noting counterarguments as well as points of compromise and rejection. The student movement is found to be extremely creative in the ways it presents opposition to the government; moreover, it has learned to persist in its transformative demands, even though success has so far been modest. Since Chile continues to endorse a neoliberal model, the article ends with a balance of education policy accomplishments and failures, highlighting which social groups have benefited and which have not. © 2013 Copyright Taylor and Francis Group, LLC.