The blaze took hold at Rosebery, about 200 km southwest of Launceston, at 12.30pm on Tuesday.
About 40 firefighters and three aircraft were called to the bushfire, which burnt through more than three hectares of land.
Several buildings, including a replica workers' hut, were damaged while the Mount Black Lodge hotel was destroyed.
But firefighters saved Rosebery's health centre and mine from the flames.
"Two of the most critical pieces of community infrastructure on the West Coast, we've been able to save those properties," Police, Fire and Emergency Management Minister Felix Ellis told reporters.
"That's really important for the future. There's been some phenomenal work and I really just want to express ... my thanks to our amazing career and volunteer personnel."
The fire was contained by 9pm, although firefighters continued to extinguish spot fires on Wednesday morning.
West Coast Mayor Shane Pitt said residents felt under threat from the first bushfire of the season.
"There was a fair bit of angst amongst the community," he told reporters on Wednesday.
"There was a fair a lot of people that were worried about their properties and so they should have been. But Tas Fire certainly got got it under control pretty quickly."
The destroyed Mount Black Lodge would make it harder for mine workers to find places to stay in the area, Mr Pitt said.
The MMG Limited-owned underground mine has been the lifeblood of the town for more than 85 years.
"That's one thing on the West Coast we're struggling with at the moment is accommodation for our mine workers," Mr Pitt said.
"They do move into the tourist accommodation when they need to so that's going to have other effects on the tourist industry on the West Coast."
The cause of the blaze is being investigated although it likely started in vegetation.
The Tasmanian government will also look into reports some Rosebery residents did not receive fire alerts.
"We'll be following up to make sure that that's rectified because it is really important," Mr Ellis said.
"If people have early warning, particularly in a fast-acting event like a bushfire, then that can help save lives."
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