AimsTo explore how psychological well‐being is maintained by healthcare professionals (HCPs) employed in a cancer setting during the COVID‐19 pandemic.DesignA qualitative design using diaries and interviews to collect data was used to gain insights into how HCPs managed their well‐being during the pandemic.MethodsInterpretative Phenomenological Analysis (IPA) was used to analyse diaries and interviews completed by 66 HCPs during the second pandemic lockdown period (December 2020–April 2021). A total of 102 HCPs were recruited, drawn from five groups: nursing staff, radiographers, medical staff, allied health professionals (AHPs) (non‐radiographers) and support staff.ResultsThe majority of participants adjusted to the challenges of the pandemic using positive coping strategies, although difficult days required the mobilization of additional resources. Emotion management was regulated through peer relationships, professional roles and the workplace, sustained through communities of practice involving knowledge exchange, shared goals and social interactions. Maintaining high‐quality patient care was a source of job satisfaction, providing a route through which positive emotions could be channelled; however, it was juxtaposed with threats to well‐being from busy workloads and variable organizational responsiveness. Work routines provided a platform for well‐being, underpinned by the sharing of problems and solutions within peer networks.ConclusionThis study has highlighted the dynamic nature of well‐being amongst HCPs during the pandemic. Well‐being interventions should build on the preferred coping strategies of HCPs, focusing on the way individuals coalesce in groups to learn from and support one another.ImpactHCPs may experience different psychological responses when exposed to a pandemic situation. This study identifies the strategies used by HCPs to maintain positive psychological well‐being within professional roles, whilst adjusting to emerging well‐being threats. Key components of HCP's well‐being are addressed, which are relevant to clinical practice and the broader healthcare workforce.Patient or Public ContributionResearch team members included public representatives who contributed to the development, methods, data collection and analysis of the study. They supported the development of the Research Assistant by providing mock interview skills training.