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Tolerance has long been identified as a crucial feature of liberal democracies. Although the limits of tolerance are debated, the extent to which citizens are open and willing to accommodate others who are different from them is often regarded as a sign of a healthy and well‐functioning liberal democracy. The goal of this paper is to empirically investigate the state of political tolerance in Europe today. The main questions we ask are: What explains the different levels of tolerance across individuals in various countries? Which groups in society are the most likely targets of intolerance? We understand political tolerance as the willingness to allow the free articulation of interests and ideas in the political system of groups one opposes. Previous research emphasizes education, civic activism and threat perceptions as important determinants of tolerance. We redirect the debate to a set of novel correlates of tolerance. We argue that conspiratorial thinking and cosmopolitanism are critical factors that explain levels of tolerance among Europeans. The analysis employs original survey data collected as part of a mass survey conducted in 2017 in 10 European Union member states: Czech Republic, France, Germany, Greece, Italy, the Netherlands, Poland, Portugal, Spain and the United Kingdom. Our descriptive analysis shows that far‐right groups (i.e., fascists and neo‐Nazis) and Muslims are the most disliked groups in Europe. When it comes to the level of tolerance towards these groups, we find that more than half of the respondents in each country are willing to deny their most disliked group parliamentary representation. Moreover, we find that even after controlling for traditional determinants of tolerance, conspiratorial thinking and cosmopolitanism emerge as the most important predictors of political tolerance. Our analysis suggests that the recent rapid spread of various conspiracy theories related to the COVID‐19 pandemic is likely to have far‐reaching implications for tolerance as well. [ABSTRACT FROM AUTHOR]