Vulnerability analysis and seismic assessment of old URM residential buildings is a crucial measure for the preservation and safeguarding of the built heritage, particularly in seismic prone areas as Lisbon, Portugal. In this study, the procedures adopted are briefly presented with reference to the old masonry and mixed masonry-reinforced concrete (RC) residential buildings in Lisbon. Reference is made to the contribution of the historical information, the material and the geometric characterization of the building structures (the "knowledge path"), and to the procedure to assess the seismic performance and to identify potential vulnerabilities, in view of proposing adequate retrofit solutions. For the seismic assessment of built heritage constructions in Lisbon, first capacity curves and then fragility functions are derived, using the Performance Based Analysis (PBA) and considering a Displacement Based Approach and are presented. Based on the main results achieved, some retrofitted solutions are identified and discussed.