This article investigates the links between the Big Five personality traits and self‐efficacy, perceived stress, and life satisfaction during the COVID‐19 pandemic on a large sample of Czech university students and lecturers (N = 11,824). The study's findings indicate that during the pandemic, negative emotionality was strongly associated with both perceived stress and life satisfaction. The study also reveals a positive link between extraversion and perceived stress across the entire sample, and in the student group specifically, extraversion was negatively associated with life satisfaction. This suggests that a high level of extraversion may not act as a protective factor in situations of limited social contact, for example, under the social restriction mandates during the COVID‐19 pandemic. Additionally, self‐efficacy was associated with higher satisfaction with life but also higher perceived stress. This finding contradicts previous research conducted before and during the pandemic and warrants further investigation. Interestingly, the links between personality traits, self‐efficacy, perceived stress, and life satisfaction were not significantly moderated by professional position. Both lecturers and students experienced similar disruptions to their daily routines, social isolation, and financial concerns during the pandemic.