In this paper we analyze intergenerational income and schooling mobility during the 1996-2006 decade in Chile. Using the countries most extended household panel survey, we overcome some of the limitations of the previous Chilean studies by using observed income data for both parents and children, as opposed to observed income data only for children and income data that is generated for parents from the information given by their children retrospectively. Following the recent literature, we control our estimates for time-series variation (Lee and Solon, 2009). Our results show high intergenerational income elasticities in comparison to other developing countries, and these values are higher for sons than for daughters. The same results hold for educational mobility. Trends analysis show that the transmission of economic status have remained constant during the last years in Chile, while educational mobility has increased.