The club was founded on December 17, 1924 by a group of empty bags businessmen. After travelling to Santos, they played there a football match against a Santos' group of empty bags businessmen. The match ended 1-1. After returning to Rio de Janeiro, they decided to found a football club.
Portuguesa's home stadium is Estádio Luso-Brasileiro, built in 1965, with a maximum capacity of 30,000 people. Portuguesa's stadium is sometimes used by two first division teams from Rio de Janeiro, Flamengo and Botafogo.