Europol chief Rob Wainwright said that the ISIS had "developed a new combat style capability to carry out a campaign of large-scale terrorist attacks on a global stage - with a particular focus in Europe.
Releasing a new Europol report on counter-terrorism, he said the terror group has "a willingness and a capability to carry out further attacks in Europe."
"All national authorities are working to prevent that from happening," he added.
It said the attacks will be primarily directed at soft targets, because of the impact it generates.
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"Both the November Paris attacks and the October 2015 bombing of a Russian airliner suggest a shift in IS strategy towards going global," it added.
"In selecting their targets, local ISIS commanders are believed to enjoy tactical freedom to adapt their plans to specific local circumstances, adding to the difficulty for law enforcement to detect such plans and identifying the people involved at an early stage," the eight-page report said.
It said the modus operandi in Paris and Mumbai attacks were similar. The chosen targets in both cities included restaurants and cafes and centres of entertainment, guaranteeing high impact in numbers of fatalities and in the level of attention generated, the report said.
In Mumbai there were 10 attackers, in Paris nine. The Mumbai attacks resulted in 166 deaths while the Paris carnage killed 130 people.
The Europol warning comes at a time when the ISIS has released a strongly defiant new beheading video, showing the nine 'Paris attackers' and threatening an attack on the UK.
The UK-related images are shown towards the end of the clip, which predominantly focuses on the Paris attackers.
The video seemingly aims to show that the Paris attackers, some of whom had French and Belgian passports, had trained in ISIS-held territory before carrying out Paris attacks.