We present optical photopolarimetric observations with high temporal resolution of the blazar AO 0235+164. Our data, the first to test the photopolarimetric behaviour of this object at very short time‐scales, show significant micro‐variability in total flux, colour index, linear polarization degree and position angle. Strong inter‐night variations are also detected for these parameters. Although no correlation between colour index and total flux was found, our data seem to support the general bluer‐when‐brighter trend already known for this object. The polarization degree, in turn, shows no correlation with total flux, but a clear trend in the sense that colour index is redder (the spectrum is softer) when the measured polarization is higher.