A new plant fossil‐genus, Douropteris alvarezii gen. nov., sp. nov., is described from the Douro Basin (lower Stephanian C [lower Gzhelian], Upper Pennsylvanian) in north‐western Portugal. Douropteris alvarezii has a remarkable morphology characterized by an unusual combination of features seen in several different fossil‐genera belonging to ferns and pteridosperms. Its unique and distinguishing features place it nearest to the medullosalean pteridosperms Margaritopteris and Callipteridium, suggesting close affinities with the fossil‐family Cyclopteridaceae. Morphologically, Margaritopteris is the closest relative with basis on the strong resemblance to the veining pattern of Douropteris gen. nov. Here, Douropteris represents a potential “Lazarus taxon” or evolutionary descendant from the Margaritopteris lineage.