This study aims to evaluate food waste and the adequacy of portions served in a Portuguese university canteen. The sample included 10278 meals. Portions served and food waste (plate waste and leftovers) were measured through physical weighing. Portion inadequacy was determined, considering the Dietary Reference Values proposed by the European Food Safety Authority. The portions of all meal components served were inadequate. Meat, fish, salads and vegetables were those in the most inadequate portions (p < 0.001), with the quantities of meat and fish served being well above the recommended level (+77%) and the quantities of salad and vegetables below the recommended level (−37.7%). During the study period, 1253.6 kg of food was wasted, representing a daily average of 65.9 kg of food waste (20.8%). It was estimated that 126.6 g of food was wasted per consumer per day. Salads and vegetables represented the food category with high food waste values (41.4%), mainly from plate waste (29.6%). Our findings show an inadequacy in terms of the portions served for all meal components. High food waste values were found, for vegetable soup, vegetables, salads and fruit; these were the items most rejected by consumers, compromising the achievement of nutritional goals for the lunches served in the university canteen.