SUMMARY European mistletoe (Viscum album) is a hemiparasitic flowering plant that is known for its very special life cycle and extraordinary biochemical properties. Particularly, V. album has an unusual mode of cellular respiration that takes place in the absence of mitochondrial complex I. However, insights into the molecular biology of V. album so far are very limited. Since the genome of V. album is extremely large (estimated 600 times larger than the genome of the model plant Arabidopsis thaliana) it has not been sequenced up to now. We here report sequencing of the V. album gene space (defined as the space including and surrounding genic regions, encompassing coding as well as 5′ and 3′ non‐coding regions). mRNA fractions were isolated from different V. album organs harvested in summer or winter and were analyzed via single‐molecule real‐time sequencing. We determined sequences of 39 092 distinct open reading frames encoding 32 064 V. album proteins (designated V. album protein space). Our data give new insights into the metabolism and molecular biology of V. album, including the biosynthesis of lectins and viscotoxins. The benefits of the V. album gene space information are demonstrated by re‐evaluating mass spectrometry‐based data of the V. album mitochondrial proteome, which previously had been evaluated using the A. thaliana genome sequence. Our re‐examination allowed the additional identification of nearly 200 mitochondrial proteins, including four proteins related to complex I, which all have a secondary function not related to respiratory electron transport. The V. album gene space sequences are available at the NCBI. Significance Statement Viscum album is known for its very special life cycle, its particular biochemical composition, its unique mode of respiration and its extremely large genome. We here report the full‐length transcriptome of V. album, consisting of more than 39 000 distinct sequences, and provide new insights into secondary compound metabolism, the proteomic organization of the mitochondrial compartment and the composition of its respiratory apparatus.