With good performances and goals, Matías Alustiza helped Deportivo Quito reach the 2011 Ecuadorian Serie A finals. He played both finals matches against Emelec, scoring in the second leg, winning the game 1–0 in the final minutes, and helped Quito become 2011 league champions.
Alustiza had a great 2012 season with Deportivo Quito, most notably in the 2012 Copa Libertadores, becoming joint-top goal-scorer next to Santos FC's Neymar Da Silva, scoring 8 goals. His first goal in the Copa Libertadores campaign came against Chivas de Guadalajara in a 1–1 away draw. Next was a single penalty scored by Alustiza in a 3–0 home win against Velez Sarsfield. His most notable participation in the tournament came in a home win against Chivas, in an emphatic 5–0 win, with Matías scoring 4 goals. Alustiza was given the match-ball for his 4 goals by the referee. Alustiza scored his final goals against Universidad de Chile. Matías Alustiza was then sold to Mexican club Puebla FC.
On June 28, 2012, Puebla FC announced via their official Facebook page that they had signed Matías Alustiza and will be taking part in the Apertura 2012 and the Copa Mexico Apertura 2012. In the Apertura 2012, Matias scored his first goal in the third round against Santos Laguna where he scored twice. In the Clausura 2013 Copa MX Matias was runner up score leader with 7 goals in 6 games. On May 15, 2013, Puebla FC bought 50% of the player's contract from Ecuadorian club Quito and signed a 2-year extension that kept him at Puebla until 2015.
In June 2014, it was announced that CF Pachuca bought Alustiza from Puebla. On July 19 he made his debut with a goal for the win against Cruz Azul. On August 23, he scored a hat-trick against Atlas. In 2015, he returned to Puebla FC.
He back to Puebla in 2019
A creative forward, Alustiza has good vision, passing, shot, ball control, dribbling skills and speed. Despite his small size, he can finish goals with the head. His presence on the pitch have good effect on his team's general performance. While his favored position is that of a second striker, he can also play as a lone striker and attacking midfielder.
