This Practice Guidance intends to coalesce best practice recommendations for the identification of portal hypertension (PH), for prevention of initial hepatic decompensation, for the management of acute variceal hemorrhage (AVH), and for reduction of the risk of recurrent variceal hemorrhage in chronic liver disease. The most significant changes in the current Guidance relate to recognition of the concept of compensated advanced chronic liver disease, codification of methodology to use noninvasive assessments to identify clinically significant PH (CSPH), and endorsement of a change in paradigm with the recommendation of early utilization of nonselective beta-blocker therapy when CSPH is identified. The updated guidance further explores potential future pharmacotherapy options for PH, clarifies the role of preemptive transjugular intrahepatic portosystemic shunt in AVH, discusses more recent data related to the management of cardiofundal varices, and addresses new topics such as portal hypertensive gastropathy and endoscopy prior to transesophageal echocardiography and antineoplastic therapy.