The company presented itself for the first time in public on the night of the 18th of June 1921 at the Teatro Nacional de S. Carlos with the play "Zilda" by Alfredo Cortez.
It was directed by a couple of young actors – Amélia Rey Colaço e Felisberto Manuel Robles Monteiro – and took the quiet and shy Lisbon artistic milieu by storm. It remained a very solid company throughout its existence, mainly due to the balance and complementary quality of its two leading directors.

Amélia Rey Colaço was an exceptional actress who chose the company’s repertoire and distributed the plays. She also took upon herself to direct each performance, endowing these with a refinement which was completely novel and that would influence not only the company itself but Portuguese theatre in general.
To achieve the desired effects, she called famous artists such as Raul Lino, Domingos Rebelo, Almada Negreiros, among others.

Although he had had a few successes as an actor, Robles Monteiro’s work consisted in directing the plays, rehearsing the actors and establishing the details of the mis-en-scène. His great mastery of these theatrical skills formed the basis of what would become his theatrical company.
He also dealt efficiently with the technical and administrative work, maintaining a coherent and disciplined group.
Regarding the repertoire, between the years 1921 and 1929, the plays by new Portuguese authors predominate. The company put on 38 plays, 22 of which were new plays, including six vaudeville carnival plays featuring names such as Alfredo Cortez, Carlos Selvagem or Ramada Curto.
The company then staged 28 French plays, 22 of which were new; 19 Spanish plays, 15 of which were new, and 5 were by the famous Quintero brothers; 5 Italian plays, 2 Brazilian and 2 American.

In the period 1930 - 1942 the company’s great success was obtained through the revival of Portuguese Classical authors, staged 45 plays, with an emphasis on those by Gil Vicente. As for foreign plays, they staged plays by Shakespeare and Schiller.
With regard foreign plays, the company tried to attract audiences by staging fairly light plays, and for this it incurs some criticism.

        Fotografia da sala do Teatro Nacional D. Maria II renovada pela Companhia Rey Colaço Robles MonteiroFotografia de Amélia Rey Colaço e Robles MonteiroPormenor de fotografia de Amélia Rey Colaço no espectáculo 'Os Maias', Teatro Nacional D. Maria II, 1945Fotografia de Amélia Rey Colaço e Robles Monteiro no espectáculo 'Entre Giestas', 1921Pormenor de anúncio publicitário do espectáculo 'A petiza do gato', Companhia Rey Colaço Robles Monteiro, Teatro do Ginásio, 1926Pormenor de maquete a três dimensões do Teatro Nacional D. Maria II antes do incêndio de 1964.  Autoria Fernando Filipe

Between 1943 and 1964, the company stages international theatre mostly: 18 French plays, 4 by Molière; 23 Spanish plays, in particular those by Federico Garcia Lorca and Valle Inchán; 4 plays by Shakespeare among 16 English plays; 6 American plays, by drama writer such as Tennessee Williams and Arthur Miller, as well as O’Neill; 6 Italia plays; various German plays by authors such as Max Frisch and Dürrenmatt.
This fact did not in any way limit the Company’s interest for national drama, for during this period 104 Portuguese plays were performed.

From 1942 onwards, it is Lucien Donnat who is in charge of designing the sets and the costumes for the shows. From that time onwards, new actors begin to feature in the cast, such as Mariana Rey Colaço Monteiro, the daughter of the founder of the company and who would prove to be one of the major actresses of the XX century.

In 1958, Amélia Rey Colaço, after the death of her husband, takes on all the work he used to perform within the company.

At this time, the company is still very successful.

After the fire which occurred on the 2nd of de December 1964, the company tries, having lost all of its property, to recompose itself and opens on the 15th of that month at the Coliseu dos Recreios in Lisbon.

During the following decade, the company continues to perform successfully, ceasing its activities in May 1974.