| Airline | Image | IATA | ICAO | Callsign | Commenced
operations | Ceased
operations | Notes |
| ACEF Transportes Aereos Cargas | | | CFM | ACEF | 1998 | 2003 | Operated Convair 440, Convair 580 |
| Aero Algarve | | | DSK | SKYBANNER | ? | ? | |
| Aero Portuguesa | | | | | 1934 | 1953 | Absorbed by TAP [Air Portugal|TAP] |
| Aero Vilamoura | | | VMR | AERO VILAMOURA | 2000s | 2000s | Operated Cessna Skyhawk |
| Aerobeira | | | ARA | AEROBEIRA | ? | ? | |
| Aerocondor | | 2B | ARD | AEROCONDOR | 1984 | 2008 | |
| Agroar Carga Aérea | | | GRR | AGROAR | 1992 | 2011 | |
| Air Atlantis | | EJ | AIA | AIR ATLANTIS | 1985 | 1993 | |
| Air Columbus | | BO | CNB | AIR COLUMBUS | 1988 | 1994 | |
| Air Global | | | | | 1998 | 1999 | Operated leased Boeing 737-300 |
| Air Luxor | | LK | LXR | AIRLUXOR | 1988 | 2006 | |
| Air Madeira | | MM | MMZ | | 1993 | 2000 | Renamed to EuroAtlantic Airways |
| Air Sul | | FK | SUL | AIRSUL | 1989 | 1992 | Operated leased Boeing 737-200 |
| Air Zarco | | MM | MMZ | | 1993 | 2000 | Used trade name Air Madeira |
| Algarvilara | | | ALR | ALGARVILARA | ? | ? | |
| Arlinair Portugal | | | RLP | | 2008 | 2012 | Renamed to Lease Fly. Operated ATR 42 |
| ARTOP | | | | | 1958 | 1958 | Operated Martin PBM Mariner |
| Avialgarve | | | AVG | ALGARVE | 1988 | 1996 | Operated Falcon 20, Beech Baron, Rockwell Turbo Commander |
| Eurafric | | | | | 1988 | 1996 | |
| Euroair | | | | | 1993 | 1994 | Established as Linhas Aéreas Regionais in 1985. Operated Dornier 228 |
| LAR Transregional | | TH | PDF | | 1985 | 1993 | Renamed to Euroair. Operated British Aerospace ATP |
| Lusitania Airways | | | LUA | LUSITANIA | 2008 | 2009 | Charter carrier. Operated Airbus A320-200 |
| Luzair | | | LUZ | LISBON JET | 1998 | 2011 | |
| Masterjet | | | LMJ | MASTERJET | 2003 | 2016 | Established as Air Luxor Corporate Jets. Renamed to Luxaviation Portugal |
| Orbest | | 6O | OBS | ORBEST | 2007 | 2020 | Merged with Evelop Airlines and renamed to Iberojet |
| OceanAir | | | OCN | OCEANAIR | 1990 | 1998 | Renamed to SATA International |
| PGA Express | | OC | OAC | | 2001 | 2015 | |
| PGA [Portugália Airlines] | | NI | PGA | PORTUGALIA | 1990 | 2016 | Rebranded TAP Express |
| Portugália Airlines | | NI | PGA | | 1989 | 1997 | Renamed to PGA Portugália Airlines |
| SATA International | | S4 | RZO | AIR AZORES | 1998 | 2015 | Renamed/merged to Azores Airlines |
| Sociedade Açoreana de Estudos Aéreos | | | | | 1947 | 1980 | Renamed to SATA Air Açores. Operated de Havilland Dove, Douglas DC-3, Douglas DC-6, HS 748 |
| TAP Air Portugal | | TP | TAP | | 1979 | 2005 | Renamed to TAP Portugal |
| TAP Portugal | | TP | TAP | | 2005 | 2017 | Renamed to TAP Air Portugal |
| Transportes Aéreos Portugueses | | | | | 1946 | 1978 | Renamed to TAP Air Portugal. Operated Douglas DC-3, Douglas DC-4, Boeing 707, Lockheed Super Constellation, Sud Aviation Caravelle |
| Windavia Airlines | | | | | 2013 | 2014 | Operated Airbus A320-200 |
| Yes - Linhas Aéreas Charter | | | YSS | | 2000 | 2004 | Operated Lockheed L-1011 TriStar |