NGC6231 is a massive young star cluster, near the center of the Sco OB1 association. While its OB members are well studied, its low-mass population has received little attention. We present high-spatial resolution Chandra ACIS-I X-ray data, where we detect 1613 point X-ray sources. Our main aim is to clarify global properties of NGC6231 down to low masses through a detailed membership assessment, and to study the cluster stars' spatial distribution, the origin of their X-ray emission, the cluster age and formation history, and initial mass function. We use X-ray data, complemented by optical/IR data, to establish cluster membership. The spatial distribution of different stellar subgroups also provides highly significant constraints on cluster membership, as does the distribution of X-ray hardness. We perform spectral modeling of group-stacked X-ray source spectra. We find a large cluster population down to ~0.3 Msun (complete to ~1 Msun), with minimal non-member contamination, with a definite age spread (1-8 Myrs) for the low-mass PMS stars. We argue that low-mass cluster stars also constitute the majority of the few hundreds unidentified X-ray sources. We find mass segregation for the most massive stars. The fraction of circumstellar-disk bearing members is found to be ~5%. Photoevaporation of disks under the action of massive stars is suggested by the spatial distribution of the IR-excess stars. We also find strong Halpha emission in 9% of cluster PMS stars. The dependence of X-ray properties on mass, stellar structure, and age agrees with extrapolations based on other young clusters. The cluster initial mass function, computed over ~2 dex in mass, has a slope Gamma~-1.14. The total mass of cluster members above 1 Msun is 2280 Msun, and the inferred total mass is 4380 Msun. We also study the peculiar, hard X-ray spectrum of the Wolf-Rayet star WR79.