The Alaska Native Claims Settlement Act was signed into law on December 18, 1971, and the largest land claims settlement in United States history was concluded. The ANCSA, as it is commonly known, did the following:

• Native claims to almost all of Alaska were extinguished in exchange for approximately one-ninth of the state's land plus $962.5 million in compensation.
• Of the latter, $462.5 million was to come from the federal treasury and the rest from oil revenue-sharing.
• Settlement benefits would accrue to those with at least one-fourth Native ancestory.
• Of the approximately 80,000 Natives enrolled under ANCSA, those living in villages (approximately 2/3rds of the total) would receive 100 shares in both a village and a regional corporation.
• The remaining 1/3rd would be "at large" shareholders with 100 shares in a regional corporation plus additional rights to revenue from regional mineral and timber resources.
• The Alaska Native Allotment Act was revoked and as yet unborn Native children were excluded.
• The twelve regional corporations within the state would administer the settlement.
• A thirteenth corporation composed of Natives who had left the state would receive monies but not land.
• Surface rights on 44 million acres (178,000,000 km²) were alloted to the Natives and administers by the Native Corporations.

The following thirteen regional corporations were established:

• Ahtna, Inc.
• Aleut Corporation
• Arctic Slope Regional Corporation
• Bering Straits Native Corporation
• Bristol Bay Native Corporation
• Calista
• Chugach Alaska Corporation
• Cook Inlet Region, Inc.
• Doyon, Limited
• Koniag, Inc.
• Nana Corporation
• Sealaska Corporation
• The 13th Regional Corporation

Also, most of these corporations set up nonprofit corporations of their own. Many separate village corporations were also created by the Act.

Land selection by the State of Alaska under the Statehood Act and for the regional and village corporations has continued through the present.