diff --git a/tests/fixtures/config/tenant-parser/exclude-all.yaml b/tests/fixtures/config/tenant-parser/exclude-all.yaml
new file mode 100644
index 0000000000..e9fb6b5f95
--- /dev/null
+++ b/tests/fixtures/config/tenant-parser/exclude-all.yaml
@@ -0,0 +1,21 @@
+- tenant:
+    name: tenant-one
+    source:
+      gerrit:
+        config-projects:
+          - common-config
+        untrusted-projects:
+          - org/project1:
+              include: []
+          - org/project2
+
+- tenant:
+    name: tenant-two
+    source:
+      gerrit:
+        config-projects:
+          - common-config
+        untrusted-projects:
+          - org/project1
+          - org/project2
+          - org/project5
diff --git a/tests/fixtures/config/tenant-parser/git/org_project5/.zuul.yaml b/tests/fixtures/config/tenant-parser/git/org_project5/.zuul.yaml
new file mode 100644
index 0000000000..e6cd45fff6
--- /dev/null
+++ b/tests/fixtures/config/tenant-parser/git/org_project5/.zuul.yaml
@@ -0,0 +1,3 @@
+- job:
+    name: project5-job
+    parent: project1-job
diff --git a/tests/unit/test_configloader.py b/tests/unit/test_configloader.py
index bb7f98727f..2993aadd8e 100644
--- a/tests/unit/test_configloader.py
+++ b/tests/unit/test_configloader.py
@@ -312,6 +312,22 @@ class TestTenantUnprotectedBranches(TenantParserTestCase):
         self.assertIsNone(tpc[project_name].exclude_unprotected_branches)
 
 
+class TestTenantExcludeAll(TenantParserTestCase):
+    tenant_config_file = 'config/tenant-parser/exclude-all.yaml'
+
+    def test_tenant_exclude_all(self):
+        """
+        Tests that excluding all configuration of project1 in tenant-one
+        doesn't remove the configuration of project1 in tenant-two.
+        """
+        # The config in org/project5 depends on config in org/project1 so
+        # validate that there are no config errors in that tenant.
+        tenant_two = self.sched.abide.tenants.get('tenant-two')
+        self.assertEquals(
+            len(tenant_two.layout.loading_errors), 0,
+            "No error should have been accumulated")
+
+
 class TestSplitConfig(ZuulTestCase):
     tenant_config_file = 'config/split-config/main.yaml'
 
diff --git a/zuul/configloader.py b/zuul/configloader.py
index aab039bc0a..e3d51861b0 100644
--- a/zuul/configloader.py
+++ b/zuul/configloader.py
@@ -1563,8 +1563,9 @@ class TenantParser(object):
             # in-repo configuration apply only to that branch.
             branches = tenant.getProjectBranches(project)
             for branch in branches:
-                if abide.getUnparsedConfig(project.canonical_name,
-                                           branch):
+                unparsed_config = abide.getUnparsedConfig(
+                    project.canonical_name, branch)
+                if unparsed_config and not unparsed_config.load_skipped:
                     # We already have this branch cached.
                     continue
                 if not tpc.load_classes:
@@ -1573,7 +1574,7 @@ class TenantParser(object):
                     # data so we know we've looked at this branch.
                     abide.cacheUnparsedConfig(
                         project.canonical_name,
-                        branch, model.UnparsedConfig())
+                        branch, model.UnparsedConfig(load_skipped=True))
                     continue
                 job = self.merger.getFiles(
                     project.source.connection.connection_name,
diff --git a/zuul/model.py b/zuul/model.py
index f766032e28..f0a8d485e3 100644
--- a/zuul/model.py
+++ b/zuul/model.py
@@ -3218,7 +3218,7 @@ class UnparsedAbideConfig(object):
 class UnparsedConfig(object):
     """A collection of yaml lists that has not yet been parsed into objects."""
 
-    def __init__(self):
+    def __init__(self, load_skipped=False):
         self.pragmas = []
         self.pipelines = []
         self.jobs = []
@@ -3228,6 +3228,10 @@ class UnparsedConfig(object):
         self.secrets = []
         self.semaphores = []
 
+        # This indicates wether this is empty because we skipped loading
+        # earlier because all config items have been excluded.
+        self.load_skipped = load_skipped
+
     def copy(self, trusted=None):
         # If trusted is not None, update the source context of each
         # object in the copy.