While it is now clear that the COVID-19 pandemic has had a major impact on the mental health of individuals, especially the most vulnerable ones such as students, we have very little knowledge about the long-term consequences. The objective of this study was to compare the mental health and coping of French university students during the different phases of the pandemic in the first 2 years. To this end, French university students were evaluated at four time points: during France’s first lockdown (April–May 2020; nT1 = 1357), the period after lockdown (June 2020; nT2 = 309), 1 year after the first lockdown, which was also a lockdown period (April–May 2021; nT1′ = 2569); and 1 year after the end of the first unlock (June 2021; nT2′ = 1136). Anxiety and depressive symptoms, coping and concerns were measured. In order to compare scores between the lockdown and unlock periods within the same year, paired samples t-tests were performed. To compare scores between the 2 years for different participants, independent samples t-tests were conducted. Our results showed that maladaptive strategies, concerns and symptoms were higher during lockdown periods, compared with unlock periods. In addition, symptom levels were higher in the second year of the pandemic compared with the first one. These argue that the psychological effects of COVID-19 were exacerbated by lockdowns but also by time. This highlights the need for more attention to be paid to students’ mental health.