Alcohol and drug abuse is a major problem for the student population around the world and is often associated with deficits in cognitive control and higher levels of experienced stress. The aim of this research is to examine the connection between alcohol and drug consumption and the level of stress and cognitive control in students during the COVID-19 pandemic, as well as to what extent the level of stress and cognitive control explain the consumption of alcohol and drugs as a way of coping with the COVID-19 pandemic. A total of 935 participants took part in the research, of which 710 were female students and 212 male students, while thirteen did not declare their gender. The age range of the participants was between 18 and 28, and the average age was 21.65. The measures used in the research include: Questionnaire constructed for the needs of this research, Questionnaire on the effects of using addictive substances, Depression, Anxiety and Stress Scale (DASS - stress subscale), and Cognitive Flexibility and Control Questionnaire (CCFQ - cognitive control subscale). The survey was conducted in an online format using the Google Forms platform. A statistically significant, positive association between cannabis consumption and stress level was found. The correlation of stress level with the consumption of alcohol and other drugs was not found. Also, there is a statistically significant negative association between cognitive control and stress level. Furthermore, a significant negative association between cannabis consumption and cognitive control was shown. In contrast, a significant positive low association was found between opioid consumption and cognitive control. Finally, gender (M) and stress level proved to be significant positive predictors of alcohol and drug consumption as a coping method. On the other hand, cognitive control proved to be a significant negative predictor of alcohol and drug consumption as a way of coping. The obtained results indicate the existence of various risk factors for the consumption of alcohol and drugs as a way of coping in the student population during the pandemic, and as such represents the basis for further research in this direction.