Global economic instability, digital disruption and saturated labor markets have led to underemployment among professionals. The objective is to know the trajectories and the labor identity of Chilean professionals who work in underemployment conditions. The qualitative methodology was obtained through in-depth interviews with 15 professionals. The data was processed by the Atlas ti 7 software and the hermeneutic type analysis was applied. The results show that a labor identity is configured not centered on the particular profession, but on “being professional” as a symbol of integration and social prestige. The labor identity as underemployed professionals accounts for a functional and pragmatic identity. Underemployment is assumed from a critical discourse at a social, economic and political level, but in practice it is overcome through individual strategies and costs.