Both squads had already secured spots in the knockout stage before the match on Saturday night (Sunday AEST), needing only to learn their opponents for the next round.
Colombia will play Ghana, who lost 2-1 to Croatia earlier on Saturday.
Portugal, who entered the expanded 48-team tournament as a favourite, will face Croatia as the Group K runner-up.
Both squads put forth lively efforts. Bruno Fernandez came close to putting Portugal ahead in the first half, but was denied by Camilo Vargas.
Portugal's Diogo Costa had six saves, more than in the team's first two matches combined.
The match played at the home stadium of the NFL's Miami Dolphins took place in front of a sellout crowd of 64,478 that included former Colombia soccer star Carlos Valderrama, FIFA President Gianni Infantino — who sat in a suite with FBI director Kash Patel and US Secretary of State Marco Rubio — NFL quarterback Jameis Winston, NBA player Jimmy Butler, actor Matt Damon and former NFL receiver Chad Johnson.
Multiple watch parties were held across South Florida to accommodate those who couldn't secure tickets to the high-demand match, including one with thousands in attendance at the home arena of the NHL's Florida Panthers.
Before the clash, Portugal's Cristiano Ronaldo and Colombia's James Rodriguez shared a warm embrace, then the captains chatted again as their teams simultaneously headed back out to the field in the final moments of halftime.
It wasn't a "friendly" — soccer's term for a game that doesn't really mean anything in terms of standings or a trophy — but it sure felt like one at times.
From here on out, that won't be the case. It's win or go home; all business now for Ronaldo, the 41-year-old who is in his sixth and presumably final World Cup.
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