The Maule Earthquake (M-w = 8.8) of February 27, 2010 is among the strongest earthquakes that occurred in recent years throughout the world. The crustal deformation caused by this earthquake has been widely studied using GNSS, InSAR and gravity observations. However, there is currently no estimation of the possible vertical deformations produced by co-seismic and post-seismic effects in segments of the Chilean Vertical Reference Frame (CHVRF). In this paper, we present an estimation of co-seismic and post-seismic deformations on the CHVRF using an indirect approach based on GNSS and Gravity Recovery and Climate Experiment (GRACE) data as well as by applying a trajectory model. GNSS time series were used from 10 continuous GNSS stations in the period from 2007 to 2015, as well as 28 GNSS temporary stations realized before and after the earthquake, and 34 vertical deformation vectors in the region most affected by the earthquake. We considered a set of 147 monthly solutions of spherical harmonic gravity field that were expanded up to degree, as well as order 96 of the GRACE mission provided by Center for Space Research, University of Texas at Austin (UT-CSR) process center. The magnitude of vertical deformation was estimated in part of the Chilean vertical network due to the co-seismic and post-seismic effects. Once we evaluated the hydrological effect, natural and artificial jumps, and the effect of glacial isostatic adjustment in GNSS and GRACE time series, the maximum values associated to co- and post-seismic deformations on orthometric height were found to be similar to -34 cm and 5 cm, respectively. Overall, the deformation caused by the Maule earthquake in orthometric heights is almost entirely explained by the variation in the ellipsoidal heights (over 85% in co-seismic jump); however, coseismic jump in the geoid reached -3.3 mm, and could influence the maintenance of a modern vertical reference network in a medium to long term. We evaluated the consistency for a segment of the CHVRF after the earthquake and recommended precautions for using the CHVRF in the region.