The land around Puerto Natales held very little interest for Spanish explorers in search of riches. A not-so-warm welcome from the indigenous peoples encouraged them to continue up the coast, leaving only a name for the channel running through it: Seno Última Esperanza (Last Hope Sound).
The town of Puerto Natales wasn't founded until 1911. A community of fading fishing and meat-packing enterprises, with some 20,000 friendly residents, it has recently seen a large increase in tourism and is repositioning itself as a vacation town; it's now rapidly emerging as the staging center for visits to Parque Nacional Torres del Paine, Parque Nacional Bernardo O'Higgins, and other attractions, including the Perito Moreno Glacier across the border in Argentina. A lot of tourism is also generated by the scenic Navimag cruise that makes four-day journeys between here and Puerto Montt, to the north.
Hotels and restaurants are simpler than in Punta Arenas, and shops older and more basic. Serious hikers often come to this area and spend four or five days—or more—hiking and camping in Torres del Paine, either before or after stopping in Puerto Natales. Others choose to spend a couple of nights in one of the park's luxury hotels, and take in the sights during day hikes from that base.
If you have less time, however, it's quite possible to spend just one day touring the park, as many people do, with Puerto Natales as your base. In that case, rather than drive, you'll want to book a one-day Torres del Paine tour with one of the many tour operators in Natales. Most tours pick you up at your hotel between 8 and 9 AM, and most go along the same route, visiting several lakes and mountain vistas, seeing Lago Grey and its glacier, and stopping for lunch in Hostería Lago Grey or one of the other hotels inside the park. These tours return around sunset.
Argentina's magnificent Perito Moreno Glacier, near El Calafate, can be visited on a popular (long) one-day tour, leaving at the crack of dawn and returning late at night—don't forget your passport. It's a four-hour-plus trip in each direction. (Some tours instead include overnights in El Calafate.)