As teaching portfolios have become more commonplace in higher education, interest has grown in student portfolios. Both innovations embody the same core process—reflection—and both have similar potential benefits and similar drawbacks. This paper commends portfolios as innovative in themselves and as a response to the new mandates that are confronting higher education. Accounts of the potential of and problems with portfolios are summarized, and attention is then given to key issues in successfully introducing them. The underlying position is that students can best gain from their years of study when the systemic reflection that is characteristic of portfolios engages them (through learning portfolios) and their teachers (through teaching portfolios). Embedding such thinking in practice is, itself, a powerful and innovative approach to re-framing the curriculum.