The film about a juvenile delinquent co-starring Catherine Deneuve, is only the second movie directed by a woman to open Cannes.
A total of 19 films are competing for the Golden Palm awards.
The main competition jury is chaired by directors Joel and Ethan Coen, who are assisted in the decision-making by actress Rossy de Palma, actress-director Sophie Marceau, actress Sienna Miller, songwriter, composer and singer Rokia Traore, director, screenwriter and producer Guillermo del Toro, Xavier Dolan and actor Jake Gyllenhaal.
Director Agnes Varda, who made her name during the French New Wave of the 1960s, will become the first woman to receive an honorary Palme d'Or.
Portman, meanwhile, is presenting a special screening of her feature directorial debut, "A Tale of Love and Darkness", about the early years of Israel. Hotly anticipated titles this year include a new film version of William Shakespeare's "Macbeth", starring Michael Fassbender in the title role.
Also included in the competition line-up is Todd Haynes' "Carol", in which Cate Blanchett and Rooney Mara play lesbian lovers in 1950s New York.
India will be represented by Neeraj Ghaywan's "Masaan" and Gurvinder Singh's "Chauthi Koot", which will screen in the Un Certain Regard section.
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