The hypothesis of this article is that patria potestas should be understood today, even after reforms of Law 19 585, 1998, as a children's guardianship over person and property. This proposition is demonstrated in the article with resource to the historical background of the appropriate Titles of the Chilean Civil Code that provide rules to it, and with review of statutory development afterwards. From the point of view of the most recent developments in Family Law, the article reviews the contents of patria potestas, both in its personal and patrimonial aspects. It concludes that there is not much change in it. Change has come on the contrary from individuals entitled to exercise the function, most commonly the father, the mother of both of them jointly.