The COVID-19 pandemic has been an ideal breeding ground for conspiracy theories. Yet, different beliefs could have different implications for individuals’ emotional responses, which in turn could relate to different behaviours and specifically to either a greater or lesser compliance with social distancing and health-protective measures. In the present research, we investigated the links between COVID-19 conspiracy beliefs, emotions (anger, anxiety, and hope), attitudes towards government restrictions, and self-reported compliant behaviour. Results of a cross-sectional survey amongst a large UK sample ( N = 1,579) provided support for the hypothesis that COVID-19 conspiracy beliefs showed a polarizing relationship with compliant behaviour through opposing emotional pathways. The relation was mediated by higher levels of anger, themselves related to a lesser perceived importance of government restrictions, and simultaneous higher levels of anxiety, related to a greater perceived importance. Hope was also related to conspiracy beliefs and to greater perceived importance but played a weaker role in the mediational model. Results suggest that the behavioural correlates of conspiracy beliefs might not be straightforward, and highlight the importance of considering the emotional states such beliefs might elicit when investigating their potential impact.