Place pine nuts in a single layer in a dry skillet over medium-low heat. Cook, stirring constantly, until fragrant and golden brown, 3 to 5 minutes. Transfer immediately to a plate to stop the cooking process; allow to cool, about 5 minutes.

Combine pine nuts, basil, and garlic in the bowl of a food processor; pulse until blended. Pour olive oil in slowly, with the processor running on low speed, until mixture is smooth. Add Parmesan cheese and process just until combined.