In 2018, police data showed a 74% rise of reported anti-Semitic acts. Should one then conclude that Anti-Semitism is back in France? The annual survey conducted for the National Consultative Commission for Human Rights (NCCHR) offers a more complex answer. While anti-Semitic acts are on the rise, anti-Jews prejudice, like all other racist prejudices, is declining. And while, like other prejudices, it takes up new forms, the “new” anti-Semitism based on the critique of Israel and Zionism appears peripheral. The anti-Jewish imaginary is still structured by old stereotypes associating Jews with money and power. These are the two paradoxes this article endeavours to comprehend.