Fado venues in Lisbon vary, so you're going to need to decide which one suits you best. Most fado in Lisbon is sung by women, but there are some venues where only men perform. Some shows are expensive, extravagant affairs and include a meal, others are much cheaper but you'll have to find dinner elsewhere. Furthermore, most venues are closed some nights so you need to know what is open when.
Whether you are looking for an inexpensive, amateur performance or to hear world-class singers, there should be something below to suit you.
Of course, you can always ask a local when their favorite is!
See also:
Fado Tours in Lisbon
Why not see a performance with someone who is knowledgable about fado and Lisbon? Consider this Lisbon Sunset Walking Tour with Fado Performance. You see many of Lisbons top sites, eat some portuguese food, sample some wine and spirits and see a fado performance. Your guide will be able to fill you in on the history of fado and help you understand some of the songs performed.
Tasca do Chico - The Inexpensive Option
If you want to try fado but don't want to pay high meal and drink prices, Tasca do Chico is a good place to give it a try. They have affordable drinks and food. There is no required food or drink purchase but you do have to make a reservation. Typically, singers are male. There are 2 locations, one in Alfama and one in Bairro Alto and performances are not every night, so best to go to your desired location to see when the show is.
See more about Tasca do Chico at Trip Advisor.
Senhor Vinho - World-Class Singers
This is the place that you go to to guarantee top-notch singers. It is one of the more expensive places, but if you want to go all-out, this is the place to do so. See here for more information on Senhor Vinho.
Rua dos Remedios - A Street in Alfama
Rua dos Remedios is a good place to start if you aren't sure where you would like to go see fado. There several places you can compare. Remember that you usually have to make reservations and some places require you buy an expensive meal. One well-known fado house on Remedios is Mesa de Frades or you can shop around for the fado house most suited for you.