The disease COVID-19, caused by the new coronavirus (SARS-CoV-2), was first detected in Wuhan, China in late December 2019, and, due to its high degree of virulence, it has spread rapidly around the world ever since. On March 11, 2020, the World Health Organization descried the situation as a pandemic, and in March 2020, a state of emergency was declared in Georgia. To limit the spread of the virus “lockdown” was ordered and, except in emergencies, the population was restricted from leaving home, the learning process in educational institutions was suspended, and all sorts of gatherings and public transport were put off. In these circumstances, as well as the risks associated with deteriorating health and economic problems, students also found themselves in a difficult situation in terms of getting access to education, caused by the transition to distance learning. The social category of students is characterized by an active lifestyle, a wide range of relationships and contacts. In consequence of the social distancing policies and measures implemented across the country to slow the spread of the virus, the reduction in contacts has given rise to feelings of loneliness and depression. The entire situation is likely to negatively affect the psychological well-being of students. It has been proven that high levels of stress among students are associated with low mental wellness, which in turn, may lead to poor academic performance and the emergence of social and psychological problems. Based on the abovestated, the aim of the present paper was to establish a link between the indicators of loneliness, depression and psychological well-being with students in the context of constraints caused by the COVID pandemic. Patient Health Questionnaire (PHQ-4), Loneliness Scale (UCLA) and Psychological Well-Being Scale (PWBS) were used for the purpose. Analysis of the results revealed that depression, anxiety and loneliness have a negative bearing on psychological well-being. The differences were analyzed in obedience to demographic characteristics.