The aim of this review is to systematically synthesize the published research work describing the impact of parental deprivation and psychological wellbeing outcomes among children and adolescents (ages 7–17 years). A range of psychological wellbeing outcomes was assessed (e.g., internalizing behaviors, psychotic symptoms, etc.) to fully understand the relationship between parental deprivation and psychological wellbeing in the context of orphan adolescents. Methods: Researches published in peer-reviewed journals from 2008 to 2021 were included. This study used online platform i.e., Research Gate, Google Scholar, Psyinfo, PubMed, Medline, and Web of Science and found 20 articles from different countries (Saudi Arabia, Nepal, South Africa, India, China, Zimbabwe, Russia, and Ethiopia) that met the inclusion criteria. Results: There were 4 cross-sectional studies, 7 descriptive studies, 3 qualitative studies, 4 comparative studies, 2 mixed exploratory studies. Results suggest that orphans have low levels of psychological stability, low level of self-esteem, and higher levels of mental health problems like anxiety, social dysfunction, and depression than non-orphans. Conclusion:Orphans suffered from low psychological well-being and poor mental health. However, both orphans and non-orphans have had good decision-making skills in social situations.