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Abstract The Laguna del Maule (LdM) volcanic field comprises the greatest concentration of postglacial rhyolite in the Andes and includes the products of ~40 km³of explosive and effusive eruptions. Recent observations at LdM by interferometric synthetic aperture radar and global navigation satellite system geodesy have revealed inflation at rates exceeding 20 cm/year since 2007, capturing an ongoing period of growth of a potentially large upper crustal magma reservoir. Moreover, magnetotelluric and gravity studies indicate the presence of fluids and/or partial melt in the upper crust near the center of inflation. Petrologic observations imply repeated, rapid extraction of rhyolitic melt from crystal mush stored at depths of 4–6 km during at least the past 26 ka. We utilize multiple types of surface‐wave observations to constrain the location and geometry of low‐velocity domains beneath LdM. We present a three‐dimensional shear‐wave velocity model that delineates a ~450‐km³shallow magma reservoir ~2 to 8 km below surface with an average melt fraction of ~5%. Interpretation of the seismic tomography in light of existing gravity, magnetotelluric, and geodetic observations supports this model and reveals variations in melt content and a deeper magma system feeding the shallow reservoir in greater detail than any of the geophysical methods alone. Geophysical imaging of the LdM magma system today is consistent with the petrologic inferences of the reservoir structure and growth during the past 20–60 kyr. Taken together with the ongoing unrest, a future rhyolite eruption of at least the scale of those common during the Holocene is a reasonable possibility.