A device for packaging and dispensing a product includes a dispensing assembly provided with a holding cup for the product, a sheath in which the cup is mounted, a jacket around the sheath and including an outlet orifice, and an outer sleeve around the jacket. Guide devices are provided to bring about, during a rotation of the outer sleeve relative to said jacket, a joint axial movement of said sheath and of the holding cup relative to the jacket, followed by an axial movement of said cup relative to the guide sheath and to the jacket towards a use position of the product. A protective case in which the dispensing assembly is mounted, forms an outer cover for the assembly and includes an actuating member that is able to rotate the outer sleeve.