ABSTRACT Although perhaps not clear for someone unfamiliar with the history and the aesthetics of Portuguese cinema, the title of this paper is polysemic and thus refers to several layers of meaning. Indeed, this research will provide a historical overview and deal with precarity in two different ways that coexist and coincide in Portuguese cinema: the intra-cinematic, i.e. the representation of precarity on screen; and the extra-cinematic, i.e. the material circumstances that have characterised the Portuguese film production milieu. On the one hand, this paper will analyse the history of Portuguese films through the lens of precarity to uncover the different approaches its representation received, from the musical comedies of the 1940s to the peripheral-city dramas of the 1990s. On the other hand, we will provide an account of the evolution of the conditions in which Portuguese cinema subsisted. As this paper will argue these two situations are not entirely dissociated; the material circumstances that have determined the lifecycle of the Portuguese film production are, to a certain degree, related to the versions of precarity addressed. The point this paper proposes by bringing the topic of precarity to the fore intends to add to the literature on Portuguese cinema studies and help frame Portuguese cinema within the subarea of precarity studies.