The CAM's collection currently comprises 11,700 artworks of various types, including paintings, sculptures, installations, drawings, prints, photographs, films and videos.

The collection was founded with the establishment of Calouste Gulbenkian Foundation in 1956, when works of art began to be collected for display in travelling exhibitions organised by the institution. The acquisition of artworks has thus been a part of the Foundation's practice since its inception and has grown in scale and intensity over time.

The Collection consists of works produced from the early 20th century to the present day, with a particular focus on modern Portuguese art. The section of contemporary works also continues to grow through acquisitions and donations.

The CAM is currently closed for renovation of the building and the southern part of the park. It is expected to reopen in 2022.