The editors of Computer Games Magazine nominated Europa Universalis as the best strategy game of 2001, but ultimately gave the award to Civilization III. Europa Universalis received 'generally favourable' reviews according to review aggregator Metacritic.

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Spanning 300 years between 1453 and 1789, Europa Universalis III allows players to enter the game during any point and attempt to build one of 250 countries into a dominating world power. Designed to be as historically accurate as possible, gamers dropping into any year will find the exact historical rulers, borders, and government implemented at that time. However, once a game begins, both players and computer opponents can act freely. AI does not follow a set historical pattern and games may end with Poland owning Europe or the colonization of Virginia by Portugal.Featuring numerous customization options, players can determine their preferred government, society structure, trade politics, leaders, troops, and other options as they grow their civilization and set out to conquer over 1700 provinces and sea zones. To aide in the task of ruling a country, advisors are available for purchase and can help gamers make decisions to best serve their people. Europa Universalis III features additional options including the ability to research government and national ideas, and the option to send spies into neighboring countries for assassinations, espionage, or to generate instability. Players may rule alone or cooperate with several friends in the multiplayer mode.