Mandatory Palestine proved to be a unique example of an attempt to create a “national home” within the framework of the colonial system. The present article aims to analyse the combination of the national and the colonial in the implementation of the “home for the Jewish people” in Palestine, as well as the role of cultural-religious narratives in the mindset of both the British administrators and the Zionist settlers. The research is based on British official documents and archive materials, as well as on the memoirs of Jewish settlers in Eretz Yisrael, some of which are introduced into the Russian academic circulation for the first time. Many British politicians viewed the return of the Jews to their historical homeland as a specific noble mission, which fit both into the framework of “Christian Zionism” and the notion of the civilizing nature of imperial colonialism. Palestine, along with its religious and cultural significance, was at the same time playing a thoroughly practical strategic role, and in that sense served as a highly convenient “foothold”. The British politicians and administrators perceived the Zionists as loyal agents of European colonial influence in the Middle East region. Based on the conducted research, the author reached the following conclusions. Even before ethnic confrontation in mandate Palestine intensified, some representatives of the British Empire anticipated that the Jews would not be a loyal minority, always ready to act in the Empire’s interests to the full extent. The main finding of the research is that despite the superficial similarity between the outlooks of the European Zionists and the official representatives of the British Empire, their perceptions of Palestine and their aims and purposes there were fundamentally different. On the one hand, the notions of the leaders of the Zionist movement about Eretz Yisrael were indeed in many respects close to the positions of British politicians and administrators. Jewish nationalism emerged under the influence of European ideas and concepts, and even orientalism influenced it to a certain degree. On the other hand, the Zionists perceived the Europeans as situational allies, therefore their interests coincided only in the short-term perspective. The idea of the national revival of the people of Israel in its historical homeland played a key role for them. This laid the foundation of the new Jewish identity, which also included multiple elements of religious traditions and legal bases of Judaism.