This chapter examines the impact of the COVID-19 pandemic on student learning in Portugal from 2018 to 2022. It highlights a decline in student performance on international assessments like PISA and TIMSS, attributing this to several factors, including shifts in education policies, pandemic-related school closures, and the devaluation of external high-stakes assessments. The chapter also analyzes the national assessment of learning losses and remedial measures taken in response to the pandemic. Comparisons with other countries’ learning losses underscore the complexity of attributing the decline solely to the pandemic. Importantly, the chapter concludes that the dip in Portuguese students’ performance is not solely due to the pandemic, as it began before the outbreak and worsened due to post-2015 education reform. The estimated learning losses, approximately one year of schooling, are attributed equally to school lockdowns and the consequences of ongoing education policies. Overall, the study prompts reflections on the effectiveness of these policies and the broader impact of the pandemic on student learning outcomes.