The aim of this study was to test whether resilience and life satisfaction (two traditional protective factors) mediate between COVID‐19 related worries and the development of symptoms of depression, anxiety, and stress in adolescents and young adults. Participants involved 392 adolescents and young adults (70.20% female) aged between 12 and 25 years (M = 17.05 years, SD = 3.08). Participants completed the COVID‐19 related worries scale, the CD‐RISC to analyse resilience, the Satisfaction with Life Scale, and the Depression, Anxiety, and Stress Scales‐21 to study emotional symptoms. Descriptive analyses and Pearson correlations were conducted, together with a structural equation modeling testing a mediational model and multigroup invariance. Results show that resilience and life satisfaction play a mediating role in the relation between the COVID‐19 related worries and emotional symptoms (depression, anxiety, and stress). This study highlights the role of protective factors on adolescents' and young adults' emotional symptoms during the COVID‐19 pandemic.