The EU’s approach to tackling online disinformation has evolved significantly since 2015, culminating in the adoption of the Digital Services Act (DSA) in 2022. The DSA marks a regulatory shift by requiring global online platforms to mitigate systemic risks posed by harmful but lawful disinformation, raising concerns about freedom of expression, legal certainty, and enforcement discretion. This paper analyses the rationale and structure of the EU’s multidimensional policy framework, which integrates co-regulatory measures, safeguards for media pluralism, and institutional mechanisms to counter foreign interference. It assesses the Code of Practice on Disinformation—now a binding instrument under the DSA—which distinguishes between disinformation and misinformation, and outlines proportional risk-mitigation strategies ranging from content-neutral to content-specific actions. Complementary initiatives, such as the European Media Freedom Act and the European Digital Media Observatory, aim to strengthen media resilience and societal awareness. While critics warn against overreach and potential misuse, the EU framework aspires to preserve freedom of expression by promoting structural reforms, transparency, and robust oversight. The paper concludes that future DSA enforcement must remain evidence-based and rights-compliant, especially amid rising global trends of state censorship under the guise of anti-disinformation laws.