The main objective of this rapid systematic review was to examine how the COVID‐19 pandemic impacted peer relationships for adolescents (10–25 years of age) around the globe. We focused on four indices of peer relationships: (1) loneliness, (2) social connectedness, (3) social support, and (4) social media use. In addition, we examined gender and age differences. Four databases (APA PsychInfo, PubMed, Scopus, and Web of Science) were searched for articles published from January 2020 to November 2022. A total of 96 studies (cross‐sectional: n = 66, longitudinal: n = 30, quantitative: n = 67, qualitative: n = 12, mixed‐methods: n = 17) met our inclusion criteria (empirical observational studies with data on at least one of the indices of interest, cross‐sectional data on COVID‐19‐related experiences or longitudinal data collected during the pandemic, age range of 10–25 years, typically developing adolescents). We extracted data and conducted a narrative synthesis. Findings suggest that COVID‐19 disruptions negatively impacted peer relationships for youth. Most studies reported either an increase in loneliness over the course of the pandemic or a positive association between loneliness and COVID‐19‐related experiences. Similar findings were observed for increased social media use as a means of continued communication and connection. Fewer studies focused on social support but those that did reported a decrease or negative association with COVID‐19‐related experiences. Lastly, findings suggest a mixed impact on social connectedness, which might be due to the strengthening of closer ties and weakening of more distant relationships. Results for gender differences were mixed, and a systematic comparison of differences across ages was not possible. The heterogeneity in measures of COVID‐19‐related experiences as well as timing of data collection prevented a more nuanced examination of short and more long‐term impacts.