COVID-19 pandemic has a global impact on mental health and especially vulnerable groups. Aim of the article is to study long-term impact of COVID-19 pandemic on mental health of women during pregnancy and at an early age of their children, and on children development. Papers published in 2021–2025 are included. It shows an increase in the prevalence of anxiety, depression, and stress by 2–5 times compared with pre-pandemic data; it was especially high in the second wave of the pandemic. The number of prescriptions for antidepressants during pregnancy has increased 1.5 times; their use is associated with delays in children fine motor skills at 18 months. Stress associated with the pandemic during pregnancy led to structural changes in the placenta, affected changes in children brain; led to an increase of premature births, cesarean sections, birth of low-weight children; it mediated delays in physical, cognitive, socio-emotional development of children, its degree is higher compared with pre-pandemic data. Vulnerable are women: without a partner; with economic problems; with a history of mental health problems; with children under the age of 5. Additional risk groups are: who lost relatives due to SARS-CoV-2; pregnant during the 2nd wave of the pandemic, especially in 2nd and 3rd trimesters; who did not have family and medical staff support; who canceled scheduled medical visits during pregnancy; separated from their children due to SARS-CoV-2 infection (and, as a result, breastfeeding problems); with insomnia. Psychologists should collect a woman’s life history, taking into account risk groups. Multidisciplinary care including medical professionals is recommended.