Reproductive aspects of the sea cucumber Athyonidium chilensis were studied over a year in Valdivia, Chile, through gonad index (GI) analysis, macro- and microscopic analysis of the gonads, fecundity and size at first sexual maturity estimations. We also explored the reliability of live size estimators for their use in fisheries. Athyonidium chilensis showed continuous gametogenesis and spawning individuals could be found throughout the year. However, spring was the main reproductive time, where an important GI decrease coincided with enhanced spawning activity evidenced through histology. GIs recovered in summer, and new signs of enhanced spawning activity were observed towards autumn (April 2008). GI peaks were observed in August 2007 and March 2008 for females (22.8 and 24.4% respectively) and September 2007 and March 2008 for males (31.9 and 25.9% respectively). Low mean GIs occurred in May and December 2007 for females (15.2 and 11.6% respectively) and May and October 2007 for males (12.7 and 14.1% respectively). Males reached sexual maturity at a smaller size than females (males: 21.2 g, females: 43.7 g eviscerated weight), and mature females showed a high mean absolute fecundity for a species with lecithotrophic larval development (6.31 × 105 ± 1.97 × 105 SD). For fisheries, we recommend a minimum catch size over 237.89 g drained weight to ensure that caught individuals are sexually mature. This study provides relevant information for the conservation and fishery management of A. chilensis. Continuous gametogenesis and high fecundity make this species particularly suitable for aquaculture in southern Chile.