Objective: In light of Chile’s comprehensive new restriction on unhealthy food marketing we analyze food advertising on Chilean television prior to the first and final phases of implementation of the restriction. Design: Content analysis of marketing strategies of 6,976 advertisements, based on products’ nutritional quality. Statistical analysis of total and child audience reached using television ratings data. Setting: Advertising from television aired between 6a-12a during two random composite weeks across April-May 2016 from the four broadcast and four cable channels with the largest youth audiences. Results: Food ads represented 16% of all advertising; 34% of food ads featured a product high in energy, saturated fats, sugars and/or salt (HEFSS), as defined by the initial regulation. HEFSS ads were seen by more children and contained more child-directed marketing strategies than ads without HEFSS foods. If HEFSS advertising is restricted only in programs where 20% are children 4–12y, 31% of children’s and 8% of the general audience’s HEFSS advertising exposure would be reduced. The newest 6a-10p restriction captures 80% of all audience exposure. Conclusions: HEFSS advertising was seen by a large proportion of children before Chile’s regulation. Chile’s first implementation based on audience composition should reduce a third of this exposure, and their second restriction across the television day should eliminate most of the exposure. This study is a crucial first step in evaluating how Chile’s regulation efforts will impact children’s diets and obesity prevalence.