This study examined the role of resource loss and gain in perceived academic success of higher education students during the COVID-19 pandemic. A self-administered questionnaire was distributed online to 10,830 students from six universities and four colleges in Israel between April 26 and July 5, 2021. We conducted descriptive analyses, correlations, and hierarchical regression to analyse the data. Consistent with the conservation of resources (COR) theory, the findings showed that loss of economic and personal resources correlated negatively with perceived academic success. But the findings were not consistent within the interpersonal domain: although loss of trust in the university correlated negatively with perceived academic success, both loss of trust in government and loss of close relationships correlated positively with perceived academic success. Additionally, gain in personal and interpersonal (perceived social support) resources were found to correlate positively with perceived academic success. The results suggest to address the needs of students in the areas of economic constraints, trust in the university, and personal resources. New programs that can help students mitigate their resource losses and enhance their positive resources should be implemented to enhance the perceived academic success and well-being of higher education students.