This article explores the paradoxical phenomenon of far-right “philosemitism,” in which political movements historically steeped in antisemitism present themselves as defenders of Jews and allies of Israel. Drawing on contemporary examples—such as the French National Rally’s claim to be a “shield for Jews,” and the American evangelical alliances with Israel—the study situates these gestures within a longer trajectory of far-right ambivalence toward Jews. While often dismissed by pundits and scholars as simply opportunistic weaponization of antisemitism, these pro-Jewish stances also reveal deeper discursive and ideological functions: self-legitimation, moral licensing, and the repositioning of Jews as symbolic allies against other outgroups. This article identifies such ambivalence in early 20th-century European thought, highlighting case studies from the German Empire where figures such as Börries von Münchhausen, Wilhelm Schwaner, and Max Hildebert Boehm articulated versions of philosemitism that combined admiration with exclusionary imperatives. Across contexts, a recurring logic emerges: a dualistic “Good Jew/Bad Jew” distinction, whereby “authentic” Jews—biblical, assimilated, or nationalist—are praised, while “inauthentic” Jews—cosmopolitan, liberal, or diasporic—are condemned. By historicizing far-right “philosemitism,” its function, and significance, this article is an attempt to combat its harmful normalizing effects.