The first prospectors crossed over the Continental Divide from Leadville in the spring of 1879 and settled in the camp they called Ute City. A number of hopeful prospectors settled in the camp and by the summer of 1880 the town, which had grown to 300 residents, was renamed Aspen. By 1890, thousands of fortune seekers had arrived in Aspen to stake their claims or work in the mines. At its height, Aspen boasted 12,000 residents, 6 newspapers, 4 schools, 3 banks, 10 churches, a hospital, and an opera house.

An early investor in Aspen was Jerome B. Wheeler, a partner in New York City's Macy's department store, who built the opera house and the Hotel Jerome, both of which are still in use. In 1893, the U.S. Government decided to no longer purchase silver to back its currency and within weeks, most of the mines in Aspen were closed down. By the 1930's Aspen's population had shrunk to about 700, mostly ranchers and farmers. It was during this period that some investors became interested in the area as a ski destination, although they were unable to develop it until after World War II. During the war, the 10th Mountain division trained in the area and many of the instructors recognized the potential of the area for skiing as well.

After the war, many of the 10th Mountain Division's soldiers relocated to Aspen and began buying up land with the idea of building a ski area. Financial backing came from Chicago industrialist Walter Peapcke, who developed a vision of Aspen as much more than a ski resort. In 1949, the Paepckes organized the Goethe Bicentennial Convocations which established the Aspen Institute for Humanistic Studies and the Aspen Music Festival. During the same period the Paepckes were active, Andre Roch formed the Aspen Ski Club and designated a ski run on Aspen Mountain. The first chair lift, then the longest in the world, was constructed on Aspen Mountain. The Aspen resort complex continued to grow with the opening of Aspen Highlands and Buttermilk in 1958, followed by Snowmass Mountain in 1967.