Punta Arenas is the capital city of Chile's southernmost region, Magallanes and Antarctica Chilena. Although officially renamed as Magallanes in 1927, the name was changed back to Punta Arenas in 1938. The city is the largest south of the 46th parallel south and the most populous southernmost city in Chile and the Americas. Due to its location, it is also the coldest coastal city with more than 100,000 inhabitants in Latin America. Punta Arenas is one of the world's most southerly ports and serves as an Antarctic gateway city.

The Magallanes Region, officially the Magallanes y la Antártica Chilena Region, is one of Chile's 16 first order administrative divisions. It is the southernmost, largest, and second least populated region of Chile. It comprises four provinces: Última Esperanza, Magallanes, Tierra del Fuego, and Antártica Chilena.