|This paper focuses the portfolio - an evaluation strategy little explored up to now. However, due to its possible positive results, it deserves to be considered as an alternative to conventional evaluation strategies of the student's achievement and the teacher’s performance. The purpose of this article is to contribute to the diffusion of the portfolio in the evaluation and assessment processes. The text defines and characteres the portfolio, and gives specific details about the way it may be constructed and applied, in face to face, as well as in Distance Learning – DL. The application of the portfolio in the evaluation of DL receives a special emphasis, since we consider that strategy one of the most appropriate to the characteristics of DL. As an illustration, a description of an experience with the portfolio to evaluate students and teacher in the discipline Evaluation and Distance Learning, at Graduate level, is presented.