COVID-19 pandemic is a global challenge that affects people’s mental health worldwide. Experiencing anxiety by children and adolescents, who are vulnerable to the impact of sustained stressors during developmentally sensitive periods, can lead to long-lasting effects on their health. The article brings insight into the short and long-term consequences of the COVID-19 pandemic on the children and adolescents’ mental health. The particular aim of this study is to investigate the relationship between anxiety, stress, and resilience in young individuals in the context of COVID-19. A review of the psychological effects of pandemic on children and adolescents was done using electronic databases. Most reviewed studies reported risk factors of psychosocial problems among children and adolescents during pandemics, resilience and positive coping as protective factors for the occurrence of anxiety and stress symptoms, and mediating role of parents’ stress impact on children’s behavioral and emotional problems. Clinical implications are discussed and additional research is suggested.