Children's mental health services have experienced major cuts since 2010. In parallel, our education system has undergone a period of significant transformation. In this paper, I discuss the implications of these developments for the mental health of children and young people. This includes examination of the differing ways in which mental health is conceptualised, the often contradictory positions schools are required to adopt in relation to their role in promoting mental health, assumed truths about evidence-based interventions, and what research can (and cannot) tell us about changes in the prevalence of mental health difficulties among children and young people over time. In exploring these important issues and debates, I encourage the reader to consider whether we are, in fact, on the brink of a public health crisis for which schools may provide a means of resolution, or if the current focus on children's mental health in education is simply the latest generational 'child panic'.