Aim: to assess the psychological well-being of students and teachers of higher medical educational institutions during the COVID-19 pandemic. Patients and Methods: the study included students (n=746) and university teaching staff (n=1184). Among teachers were 296 men (25%) and 888 women (75%). The mean age was 41.1±15.1 years. Among students were 301 men (40.3%) and 445 women (59.7%). The mean age was 21.2±5.5 years. An online questionnaire, Perceived Stress Scale (PSS), Patient Health Questionnaire (PHQ-4), GAD-2 questionnaire, 5-point Likert scale, and 10-point assessment of the conspiracy worldview were used to assess psychological well-being. Results: the results of the PSS-10 have demonstrated that 352 teachers (29.7%) and 213 students (28.6%) experience moderate neuropsychic stress, whereas 39 teachers (3.2%) and 36 students (4.8%) experience severe neuropsychic stress. A high probability of stress was reported in 70 teachers (5.9%) and 35 students (4.6%). During the study period, 72.2% of teachers and 68.2% of students experienced moderate stress, whereas 6.3% of teachers and 11.7% of students experienced severe stress. A significant predominance of severe stress in students was reported (p≤0.05). A high likelihood of depression was reported in 106 teachers (8.9%) and 79 students (10.6%), whereas the need to assess depression severity was reported in 178 teachers (15.0%) and 109 students (14.6%). The need for an in-depth anxiety assessment (GAD-7) was reported in 106 teachers (8.9%) and 79 students (10.6%). 458 teachers (38.7%) and 327 students (43.8%) requested psychological support, while 461 teachers (38.9%) and 307 students (41.2%) were completely excluded from seeking psychological support. The level of social optimism about the long-term future was low. Meanwhile, 661 teachers (55.8%) and 426 students (57.1%) believed that their children would live better. Only 649 teachers (54.8%) and 403 students (54.0%) are confident that Russians are able to change their lives for the better in the country. A conspiracy worldview was typical for 514 teachers (43.4%) and 302 students (40.5%). Conclusion: our findings show a high level of emotional and psychological stress both among teachers and students, which entailed the development of depression and anxiety, the ap-appearance of negative thoughts, a decrease in positive attitude and faith in the future, and consequently, reduced motivation and distrust in social, psychological, and medical aspects. KEYWORDS: psychological well-being, depression, anxiety, teachers, students, stress, medical higher education institutions. FOR CITATION: Mar'in G.G., Medvedeva E.A., Usol'ceva N.I., Gorbeshko G.A., Svitich O.A., Zykov K.A., Ploskireva A.A., Nazarov D.A., Kinkul'kina M.A., Romanova K.G., Chernogorova M.V. Effect of the COVID-19 pandemic on the psychological well-being of students and teachers of medical higher education institutions. Russian Medical Inquiry. 2023;7(11):733–741 (in Russ.). DOI: 10.32364/2587-6821- 2023-7-11-6.