The coronavirus disease (COVID-19) pandemic has led to profound changes in individuals’ lives and might have meaningful implications for well-being. We investigated if and how two major indicators of well-being (life satisfaction and depressive symptoms) changed in Germany from a prepandemic measurement occasion (2017) to June/July 2020, the time of the fading first wave of COVID-19. This change was compared with prepandemic change between 2014 and 2017. We also analyzed whether change in well-being varied according to age, self-rated health, corona-specific attitudes, and subjective standard of living. Ten thousand seven-hundred and ninety three individuals had taken part in at least one of the measurement occasions between 2014 and 2020 (mean age in 2014: 64.30 years; SD = 11.58 years). Based on latent change score models controlling for baseline well-being and sociodemographic indicators, we found, across both time intervals (2014–2017, 2017–2020) and independent of individuals’ age, a small mean-level increase in life satisfaction. In contrast, depressive symptoms increased from 2017 to 2020, particularly among older participants, whereas they remained, on average, stable between 2014 and 2017. Individuals with a poorer self-rated health, who felt more threatened by the pandemic and whose subjective standard of living was lower revealed a decrease in life satisfaction and a steeper increase in depressive symptoms between 2017 and 2020. Our findings thus suggest that whereas life satisfaction remained quite stable, the pandemic was, already 3–4 months after its onset in Germany, accompanied by an increase in depressive symptoms, particularly among adults who were older, felt less healthy and were more concerned about COVID-19.