This qualitative-case study examined how portfolio and portfolio assessment were perceived by prospective teachers. The participants were 23 prospective teachers from seven different teaching areas from a Turkish university. A semi-structured individual interview was conducted. The interview schedule included 15 open-ended questions. The main results emerged from content analysis were that prospective teachers perceived portfolio as a learning and an assessment tool. Further, they believed that portfolio was complementary rather than an alternative assessment method to traditional assessment procedures.