Extensive research evaluated the protective role of psychological resources (PRs, e.g. optimism, hope, gratitude and wisdom). However, few studies have explored their differential contributions when measured together. This study evaluated the longitudinal relationships between (and among) eight psychological resources, psychological distress (depression and anxiety symptomatology) and well-being (hedonic, eudaimonic, social, and inner well-being), over the first year of the COVID pandemic. Participants (N = 481) reported their levels of PRs, psychological distress, and well-being on two occasions (T0: April 2020; T1: June 2021). Cross-lagged panel analysis of the one-year associations revealed that 1) PRs positively, but differentially, predicted well-being and psychological distress; 2) PRs positively reinforced each other; and 3) well-being and low psychological distress also reinforced PRs, but to a lesser degree. In particular, psychological flexibility appeared to be the most predictive variable in all domains. This study highlights the need to include multiple psychological resources in future research.