The investigation examined the legal and economic content of free competition. The level of the study was descriptive, and the research technique was documentation. In this way, competition was founded as a spontaneous order and the significance of the constitutional principle of free competition and its legal protection was analyzed. The main finding of the study is that, although the Constitutional Court develops the role of prices in the economy, it does not consider it as a constitutive element of free competition, neither to free earnings. It was concluded that, since the incorporation of the principle of free competition in the Peruvian economic Constitution of 1993, there is an express mandate for the State to facilitate free competition, contemplating its five constituent elements, and consequently, watch that excesses are not committed or put obstacles, and penalize abuses that are contrary to free competition.