In 2019 Chile, which used to be praised for the most successful and stable political and economic development in Latin America in the 21st century, experienced unprecedented large-scale anti-government protests. This paper attempts to provide a better understanding on the current status of Chile’s inequality as a potential fundamental factor in the social explosion of 2019 and on the causal relationship between political protests and relative deprivation. It raises the following questions: How persuasive is the alleged criticism that the 2019 Chilean social explosion has the grave socio-economic inequality as the most significant fundamental cause? Theoretically, what causal relationship does the outbreak of political protests have with relative deprivation? This paper shows that the inequality level of Chile is not as negative as it is generally criticized in terms of objective relative deprivation such as Gini coefficient, but that the subjective relative deprivation representing individuals’ perception of unequal situations is quite negative compared to the objective relative deprivation. It argues that subjective relative deprivation, as opposed to objective inequality, or objective relative deprivation, is more persuasive as a fundamental socio-economic factor in the large-scale political protests in Chile in 2019.