Drought is aWater Law major natural hazard affecting millions worldwide, causing significant economic losses. It is a phenomenon, with unclear spatial and temporal boundaries, and its impacts are often silent. These effects can accumulate over years and even persist long after the drought has ended, worsening due to climate change. Managing drought is challenging due to its multidimensional nature, yet essential as water becomes an increasingly scarce resource critical to society and the environment. Chile, a country highly vulnerable to climate change, has faced an unprecedented 14-year drought. The vision and treatment of drought in Chile is based mainly on a reactive policy, in which the central purpose is to reduce, as far as possible, the damage caused. A shift to a proactive, preventive strategy is needed, emphasizing decentralized management, local capacity building, and stakeholder involvement. This book explores approaches to characterizing drought, monitoring systems, national and sectoral policies, and the legal framework’s performance. Its objective is to analyze the current situation and propose proactive public policies to improve drought management in Chile. Effective management requires an interdisciplinary approach, integrating hydrological, economic, legal, environmental, social, and political aspects. This text provides an integrated perspective on Chile’s drought policy, addressing gaps in existing strategies to foster sustainable and comprehensive solutions.