The main goal of this study was to investigate the trajectories of the changes in burnout and subjective well‐being (SWB) among psychotherapists in relation to social support, self‐efficacy, sociodemographic, and work‐related factors, with additional control for the subjectively experienced Covid‐19 related distress. This study was carried out over a 1‐year period during the critical time of the Covid‐19 pandemic. We reached 226 Polish psychotherapists, of which 207 psychotherapists (91.6%) participated in all three measurements. The participants completed the following measurements: the Maslach Burnout Inventory‐Human Service Survey, the Satisfaction with Life Scale, the General Self‐Efficacy Scale, the Multidimensional Scale of Perceived Social Support, and a questionnaire regarding sociodemographic, work‐related factors and Covid‐19 related distress. Several trajectories were observed for both burnout and SWB, which were differently associated with the level of social support, self‐efficacy, and sociodemographic and work‐related factors. We did not find a significant relationship between Covid‐19 related distress and the inclusion of either burnout or SWB trajectories. This study calls for greater interest in the psychological health of psychotherapists. More specifically, our findings may entail some implications for the practice of psychotherapy by creating customized intervention programs to reduce burnout and enhance well‐being in this specific occupation.