The Portugal national under-23 football team (also known as Portugal Olympic football team) represents Portugal in international football competitions (final stage and qualifiers) in Olympic Games, as well as in under–23 football tournaments. The selection is limited to players under the age of 23, except three over-age players. The team is controlled by the Portuguese Football Federation (FPF). In three participations, Portugal's highest place was fourth, in 1996. This team also competed in the now-defunct Under-23 European Championship. The first time Portugal participated in the Olympic Football Tournament, they fielded main team players since the International Olympic Committee rules allowed to do so back then and in the 1980s, the team was composed of semi-professional players. The team currently qualifies in accordance to their under-21 team position in the UEFA Under-21 Championship. The results below comprise both the under-23 team as well as the Olympic team.

Portugal was invited to enter the 1928 Summer Olympics Football Tournament, which was, at that time, contested by the best national "A" teams in the world and, therefore, considered to be the best international footballing tournament until the FIFA World Cup started, two years later, in 1930.

The Portuguese team was drawn in the preliminary round against Chile for a place in the first round. After falling 2–0 behind, Portugal scored four goals, winning the game 4–2 in what was their first win away from home soil. After their fantastic win against Chile, they faced off Yugoslavia and won 2–1 thanks to a late goal in the 90th minute.

Egypt was the team that followed in the quarter-finals. Here the Portuguese adventure ended after a 2–1 defeat. In the following games, the Egyptians lost against Argentina 6–0 in the semi-final and Italy 11–3 for the bronze medal match, which bittered the players. This was the first tournament the Portuguese team had ever competed.

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