The defending champion in the singles was José Acasuso , who failed to defend his title this year. Was able to defend his title. Instead, the fifth-placed Peruvian Luis Horna won , who defeated the third-placed Chilean Nicolás Massú in the final and was able to celebrate his second individual success on the ATP tour. In doubles, José Acasuso and Sebastián Prieto were last year's winners. As with the individual competition, Acasuso did not defend his title this year. Prieto failed with his new partner Martín García in the first round. This year's final won the unseen pairing consisting of the Chilean Paul Capdeville and the Spaniard Óscar Hernández . In the final, they beat the unseeded Spaniards Albert Montañés and Rubén Ramírez Hidalgo in the match tie-breaker . For Capdeville as for Hernández it was the only tournament success so far in a tournament of the top-class ATP tour.
The field of participants in the individual competition consisted of 24 players who competed against each other in a preliminary round in eight groups of 3 players according to a round robin system . The first in the group progressed to the final round, where the tournament winner was determined in the knockout system . The Movistar Open was one of only five tournaments on the ATP tour, which was held alongside the Tennis Masters Cup 2007 in a system with a preceding group phase. It was the last season in which such a group stage took place in tournaments outside of the tour finals.
The Argentinian Gastón Gaudio , who was in second place, was eliminated from the tournament after the first group game due to a hip injury. For him, Diego Junqueira moved into the main field as a lucky loser . In doubles, a pairing had to be canceled in advance due to injury, which allowed André Ghem and Juan Antonio Marín to take part in the tournament as replacements.
The doubles competition was held in a pure knockout system, which consisted of 16 pairs. The total prize pool was $ 423,000 and total financial liabilities were $ 448,000.
With the native Fernando González , a former title holder also played. He was also a record holder with two current victories.