Many rural mountain areas across the world are facing depopulation due to outmigration and negative natural population growth. This study examines depopulation in the mountains of Georgia based on the example of Oni municipality in the Racha region on the southern slopes of the Central (Greater) Caucasus. Depopulation in Oni, as in other Georgian mountain areas, has been driven by the socioeconomic and political disruption associated with the ongoing transition from a planned to a market economy after the demise of the Soviet Union. Based on official Georgian statistics for the period from 1989 to 2014/2016, the study documents a 50% loss of population over this period. While data on migration are lacking, the natural growth rate dropped from about −5‰ to −14‰, due to a combined decrease in the number of women of childbearing age (20–49 years of age) and in the number of births by women in this age group. Aging is reaching drastic levels, especially in rural communities, with 37% of the population in 2015 aged 65 and older. Settlements at higher altitudes are increasingly deserted. Investment in recreational economies based on local potentials such as hot springs, mountain tourism, and local (labeled) products, coupled with the establishment of protected areas as “working landscapes,” could help create local employment and reverse current negative population dynamics.