The Nevada Central Railroad was built to connect Austin with the transcontinental railroad at Battle Mountain in 1880. However, by that time the boom was almost over. Major silver production ended by 1887, although there was a slight revival in the 1910s. In the mid 1950s there was a great deal of interest in uranium deposits in the area, but the ore proved to be of low quality. High quality turquoise is still mined in the area in small quantities. Gold and silver mining has continued in the area sporadically and at generally low levels of production.

Today Austin is a living ghost town, and is perhaps the best preserved example of an early Nevada mining town. It contains three beautiful churches. The Catholic church, the last remaining structure of the first four Catholic churches built in Nevada, and the Methodist church were both built in 1866. The Methodist Church is now used as a community center. The Catholic church, St. Augustine's, has been purchased and is being restored as a cultural center for Central Nevada. The Episcopal church, considered by some to be the prettiest frontier church still standing, was built in 1878 and is still in regular use. The International Hotel, first built in Virginia City in 1859 and parts of it were moved to Austin in 1863 still serves meals and drinks, but does not rent out rooms (there is a motel across the street). The International Hotel is said to be the oldest in Nevada. Austin contains numerous other historical buildings, in various states of repair.