Introduction. Butterflies are very sensitive ecological indicators to environmental changes. The inventory of their communities is a valid tool to know the state of conservation or alteration of their habitat. Objective. To evaluate the diversity and composition of butterflies (Lepidoptera: Morphinae and Satyrinae) in the varillales of the Allpahuayo Mishana National Reserve (RNAM for its acronym in Spanish), Peru. Methodology. Sampling was carried out from January to December 2015. Butterflies were attracted with fermented fruit baits and captured with an entomological net in a high and low Varillal along 7 transepts of 25m during 1 week of each month, with daily collections in the morning and the afternoon. Results. A total of 2,662 individuals were recorded, included in 38 species and 16 genera, being the most abundant species Pierella lena, Pierella lamia and Cithaerias pireta aurorina within the Satyrinae, and Morpho helenor and Caligo eurilochus within the Morphinae. Among the commercial species, Morpho menelaus, M. helenor, Caligo idomeneus, C. eurilochus, C. pireta aurorina and Haetera piera negra stand out. Scope. The highest species richness was found in the upper Varillal and they host several species of high value for environmental education and biobusiness purposes.