ObjectiveResearch on the psychological toll of the COVID‐19 pandemic is being conducted in various countries. This study aimed to examine risk factors for mental health problems among Israeli adults during this crisis.MethodsA total of 204 participants took part in the study. They completed self‐report questionnaires assessing perceived stress, anxiety, quality of life, and various questions related to quarantine, pre‐existing health issues, and worries related to the virus. The study took place during the last two weeks of March 2020.ResultsThe majority of participants reported relatively high levels of perceived stress and corona‐related worries, but low levels of anxiety. Female gender, younger age, corona‐related loneliness, and pre‐existing chronic illness were all related to higher levels of psychological distress and lower levels of quality of life.ConclusionsWhile considering the preliminary nature of these results, the current study highlights risk factors for psychological distress in light of the corona pandemic. Attention should be given to sociodemographic variables that were identified as related to psychological distress, as well as to the important role of loneliness, when screening and treating people during this crisis. More research is needed in order to fully understand the scope and correlates of psychological difficulties during these challenging times.