The portfolio has become established as a pedagogical tool that promotes self-reflection, integration between theory and practice, and continuous follow-up of student development. Its flexibility allows application across different fields of knowledge and levels of education, from undergraduate to postgraduate, making it a transversal instrument that strengthens intellectual autonomy and meaningful learning. The incorporation of digital technologies has expanded its use, especially by enabling the inclusion of multimedia content and facilitating remote supervision. More recently, the rise of generative artificial intelligence (AI) has introduced new possibilities but also significant challenges. On the one hand, AI can support students and educators in organizing ideas, producing texts, analyzing evidence, and generating individualized feedback, thus saving time and enriching the learning experience. On the other hand, the indiscriminate and uncritical use of these tools may compromise authenticity, authorship, and diversity of student work, while raising concerns related to academic integrity, data privacy, and equity of access. This narrative review synthesizes recent literature on the topic, organized into five key axes: (1) uses and applications of portfolios, (2) advantages and challenges of implementation, (3) impacts of generative AI, (4) ethical and regulatory dilemmas, and (5) practical recommendations for responsible AI use. The conclusion emphasizes that productive integration of portfolios and AI depends on critical human mediation and institutional commitment to transparent policies, continuous training, and governance.