Learning about foreign language (FL) cultures is becoming an important objective in the FL curricula and national standards of different countries throughout the world. The purpose of the study was to examine the effects of the cultural portfolio project on: (1) students' concept development in their perceptions of the target language culture and their own; (2) students' evaluation of stereotypes towards English-speaking cultures; and (3) students' self-awareness and perception of EFL (English as a foreign language) and cultural learning process. Data were collected from students' cultural portfolio projects, classroom observation, and interviews. Results indicate that through the cultural portfolio project, students engaged in active learning, gained insight into specific aspects of the target language cultures and became more aware of the diversity within these cultures, and developed their ability to think critically instead of automatically accepting cultural information. (Contains 4 tables.)