Geophysics experts are interested in understanding the behavior of volcanoes and forecasting possible eruptions by monitoring and detecting the increment on volcano-seismic activity, with the aim of safeguarding human lives and material losses. This paper presents an automatic volcanic event detection and classification system, which considers feature extraction and feature selection stages, to reduce the processing time toward a reliable real-time volcano early warning system (RT-VEWS). We built the proposed approach in terms of the seismicity presented in 2009 and 2010 at the Cotopaxi Volcano located in Ecuador. In the detection stage, the recordings were time segmented by using a nonoverlapping 15-s window, and in the classification stage, the detected seismic signals were 1-min long. For each detected signal conveying seismic events, a comprehensive set of statistical, temporal, spectral, and scale-domain features were compiled and extracted, aiming to separate long-period (LP) events from volcano-tectonic (VT) earthquakes. We benchmarked two commonly used types of feature selection techniques, namely, wrapper (recursive feature extraction) and embedded (cross-validation and pruning). Each technique was used within a suitable and appropriate classification algorithm, either the support vector machine (SVM) or the decision trees. The best result was obtained by using the SVM classifier, yielding up to 99% accuracy in the detection stage and 97% accuracy and sensitivity in the event classification stage. Selected features and their interpretation were consistent among different input spaces in simple terms of the spectral content of the frequency bands at 3.1 and 6.8 Hz. A comparative analysis showed that the most relevant features for automatic discrimination between LP and VT events were one in the time domain, five in the frequency domain, and nine in the scale domain. Our study provides the framework for an event classification system with high accuracy and reduced computational requirements, according to the orientation toward a future RT-VEWS.