Born in 2002 in Torres Vedras, 25 kilometers north of Lisbon, Fabio Carvalho spent time at Benfica's academy before his family moved to London in 2013. He joined Balham and soon attracted interest from top clubs, with Chelsea and Manchester United showing an interest. However when the time came to move on in 2015 his parents opted for Fulham, who they believed offered a clearer pathway to the first team.

Carvalho signed his first professional contract in 2020 and towards the end of the season made four appearances for the first team, scoring on his first start away to Southampton. Fulham were relegated but the attacking midfielder made a great start to 2021/22 scoring three times in the first five games before being ruled out for over a month with a toe injury. On the last day of the January transfer 2022 window Liverpool attempted to sign him but paperwork could not be completed before the deadline. By the end of the season Carvalho had scored ten goals and made eight assists in 36 appearances as Fulham were promoted back to the Premier League. Liverpool were back in for him and agreed an initial fee of £5 million, with him being unveiled on 3rd July. Carvalho has represented England at Under 16,17 and 18 level but in April 2022 accepted an invitation to play for Portugal's Under 21's in European Championship qualifiers.

Carvalho scored his first goal for Liverpool in the 9-0 rout of Bournemouth on 27 August 2022. Four days later he scored a stunning injury time winner against Newcastle, also at Anfield. Carvalho got less opportunities than expected in his debut season at Liverpool. There was no real surprise that he was loaned to RB Leipzig to gain experience in the Bundesliga in the 2023/24 season. This did not turn out as expected and he made only three starts before Liverpool recalled him at the end of December. Carvalho was subsequently loaned to Hull City for the rest of the 2023/24 campaign. He made a huge impact as they just missed out on qualifying for the play-offs, scoring nine goals in twenty appearances and was hopeful of being part of new head coach Arne Slot's plans for 2024/25. Carvalho featured in Liverpool's pre-season tour in the United States but on returning was sold to Brentford in a deal worth £27.5 million. He scored twice in nineteen league appearances in his first season with the Bees, but missed the final three months due to a shoulder injury.