Valles caldera is best known in recent years as an excellent example of a resurgent caldera and as the site of a high-temperature geothermal system. However, Valles caldera and the surrounding Jemez Mountains volcanic field possess a rich history of geologic research that dates back to the late 1880s. Through the years, the research focus has changed as different economic and scientific factors have exerted their influence. Early work emphasized mining activity, while modern work has stressed volcanology and, later, geothermal development. Only in the last 5 years has it been possible to view the region as a dynamic, integrated magma-hydrothermal system having a complex evolution lasting more than 13 m.y.