Conspiracy theories have become a prominent topic for sociological research. But although emotions such as paranoia and panic are—sometimes dismissively—referred to in classical accounts of conspiracy theories and different emotions have been empirically linked to conspiracy beliefs, a comprehensive theoretical account of the emotional underpinnings of conspiracy theories is still lacking. In this contribution, I aim to fill this gap by proposing a theoretical model that focuses on the transformation and collectivisation of emotions, facilitated by conspiracy theories. Drawing on existing research, I first identify three groups of emotions relevant to conspiracy theories: (1) anxiety and fear, (2) excitement, fascination and awe and (3) anger, ressentiment and hate. Many of these emotions are both considered to drive individuals towards conspiratorial beliefs and are found to be evoked by conspiracy theories, which raises questions regarding their causal relationship to conspiracy theories. To clarify this conceptual ambiguity, I propose a processual account, according to which conspiracy theories enable the transformation of individual emotions which are marked by powerlessness and thus are frequently suppressed into emotions that are less harmful to the self and can be expressed and acted upon. Crucially, the resulting emotions are experienced collectively and consequently can drive the formation of emotional collectives. Thus, the emotional mechanism does not only motivate individuals to subscribe to conspiracy beliefs but also allows them to reassert their collective political agency and sense of control. In this process, however, the original emotional concern may be lost, resulting in potentially misdirected political actions.