Modern civilization space is characterized by a high level of technical and scientific discovery, however, mythological consciousness and belief in conspiracy theories still exist. The article deals with one of the popular mythologies of modern civilization – the conspiracy theory. The relevance of the presented research is due to the importance of considering from the position of linguistic and cultural understanding the mechanisms of the generation and spread of myths in the modern communicative mass consciousness, which actively appeals to mythologems, despite the highly developed science. The analysis of a wide range of theoretical sources of both Russian and foreign authors is carried out in order to comprehensively study the stated issue. The description of universal and ethnospecific mythologies of the modern civilizational space is given, which indicates both the globalization processes and the uniqueness of the value system of each country, respectively. The determination of the values that make up the conspiracy discourse, the dominant “evil”, remains constant. The analysis of the empirical research material is carried out in line with the linguistic and cultural approach with the involvement of elements of frame analysis and discourse analysis. Special attention is paid to the issues of the structure of the conspiracy theory, as well as to the conspiratorial discourse, within which the frame «conspiracy theory» gets its implementation. When describing the «Conspiracy Mystery» frame, its hierarchically ordered structure is noted, which consists of interconnected subframes and slots. The analysis made it possible to determine the common characteristics of the «conspiracy theory» frame, as well as to identify areas of ethno-cultural reflection. The structure of the conspiracy discourse is described: participants, chronotope, value priorities, and strategies. It is noted that most of the theories under consideration are universal, but local ones that are widespread within a certain state remain.