This chapter examines Chile’s dual role as both an “object” and a “subject” of great power competition in the twenty-first century. While South American countries have long been influenced by global rivalries, from the Cold War to today’s US-China tensions, the analysis highlights how Chile’s experience reflects both vulnerability to external pressures and the exercise of meaningful agency. Drawing on the relational-contextual approach to small states (Long, Int Polit 54:144–160, 2017; Rostoks, Small states, power, international change and the impact of uncertainty. In: Steinmetz R, Wivel A (eds) Small states in Europe: challenges and opportunities. Ashgate, Farnham, pp 87–101, 2010), Chile is framed as a small state despite its comparatively high levels of development within South America. As an “object,” Chile represents a space where great powers compete for influence, particularly through trade, investment, and geopolitical engagement. As a “subject,” Chile demonstrates its own agency by navigating these dynamics, balancing strong ties with both the United States and China across multiple agendas. The chapter’s central argument is that Chile’s strategic relevance extends beyond its size. Its position as a leading copper producer grants it significant “resource power,” making it central to the global energy and digital transitions. This resource endowment enhances Chile’s room for maneuver in international politics, allowing it to leverage great power competition in pursuit of its strategic objectives.