The volcano, which last erupted 54 years ago, may not be done quite yet, experts and officials warned, after it put on a spectacular show of volcanic lightning and exploding lava.
Chile's National Geology and Mines Service cautioned that a third eruption could follow.
There were no immediate reports of injuries. A 21-year-old mountain climber was initially reported missing, but later turned up alive.
The first eruption, which started around 6:00 pm local time Wednesday and lasted about 90 minutes, spewed a giant mushroom cloud of ash 10 kilometers into the sky, the AFP report said.
Seven hours later, Calbuco erupted again, this time shooting lava into the air and generating volcanic lightning, a phenomenon researchers believe is caused by the emission of large amounts of molten rock and ash charged with static electricity.