Objective Physicians on the frontline of the COVID‐19 pandemic are at increased risk of contracting the disease. Otolaryngologists are amongst the high‐risk practitioners, as they are in close proximity to patient's upper airway, which may induce their psychological stress. Methods A cross‐sectional survey study, conducted among otolaryngologists in Saudi Arabia from June 11 to June 22. Survey consisted of sociodemographic questionnaire, Coronavirus Anxiety Scale (CAS), Obsession with COVID‐19 Scale (OCS) and Patient Health Questionnaire‐9 (PHQ‐9). Available otolaryngologists with no history of mental health problems were included. A P‐value lower than .05 was considered statistically significant. Results The study included 129 participants; 63.6% men and 36.4% women. 81.4% of participants were living with family, 57.4% living with either a child or an elderly family member. Nearly 7.8% of participants had dysfunctional COVID‐19 anxiety and 75.2% had COVID‐19‐related depression symptoms ranging from minimal to severe. Obsession and dysfunctional thinking regarding COVID‐19 were found in 26.4% of participants. Single otolaryngologists had significantly higher CAS (P = .025), OCS (P = .048), and PHQ‐9 (P < .001) scores. Participants who lived with children or elderly individuals had significantly higher OCS scores (P = .005). When comparing job ranks, residents had significantly higher scores for the CAS (P = .016) and PHQ‐9 (P < .001). Conclusion COVID‐19 has a considerable psychological impact on otolaryngologists. Specifically, the young and single who have less social support. This indicates the importance of psychological support to this group. Additional thorough studies should explore the psychological impact of COVID‐19 in this field as it may carry devastating long‐term consequences if left unattended. Level of evidence Level 4.