Coming through Porto's youth system, Conceição was promoted to the first-team in 2021, winning a domestic double of the Primeira Liga and Taça de Portugal in 2022.

In July 2022, he moved to Eredivise side Ajax, before returning to Porto in September 2023, on an initial one-year loan deal which was made permanent at the end of the season.

Four days later, he became the second youngest Porto player to feature in a UEFA Champions League match, coming on in the last minutes of a 2–1 win against Juventus in the round of 16 of the 2020–21 season.

[18] On 1 November, two minutes after replacing Bergwijn, he scored his first goal to conclude a 3–1 win at Rangers in the UEFA Champions League group stage.

[19] He played in the 2023 KNVB Cup final against PSV, coming on in the 75th minute for Steven Berghuis as the game ended 1–1 and Ajax lost on penalties.

[24] Despite the criticism, Conceição began proving his doubters wrong, impressing in Porto's 1–0 league loss home against Estoril on November 3, earning a spot in the starting eleven.

[24] A month later, he scored his first UEFA Champions League goal for Porto, in a 5–3 home victory over Shakhtar Donetsk, in the final match of the group stage.

[24] During the month, he continued to impress with his form establishing himself as one of the best dribblers in the world by International Centre for Sports Studies (CIES), being considered second best behind Jérémy Doku.

[24] On 23 April, FC Porto announced that they had re-signed Conceição on a permanent basis in a deal worth €10 million, on a five-year contract.

Despite his new manager denying that there were issues between them, Conceição began seeking a move away from the club, with Juventus reaching a verbal agreement with him over personal terms.

[35] He was given the number 7 shirt, left vacant since the exit of Federico Chiesa the same month and previously worn by national team teammate Cristiano Ronaldo.

On 31 March, he became the youngest player (aged 18 years and 90 days) to score for Portugal in the UEFA European Under-21 Championship, after closing the 3–0 victory against Switzerland in their final match in the group phase.

[55] Conceição's is a technical winger, with a tight turning radius, outstanding close control and an eye for playmaking in central zones.

His compact build, standing at a low center of gravity coupled with quick, small strides allows him to make frequent and consistent contact with the ball while carrying it.

His agile feet also equip him with the ability to swiftly readjust himself to manipulate angles in the box, either to get shots off for himself or to set his teammates up.