It's been more than two years and the world is still struggling with the COVID-19 pandemic, which has tested the health and education system of almost every country and has resulted in the worst crisis ever. Children and youths all over the world have suffered the most due to partial and or complete closure of schools and will remember this dramatic experience for the rest of their lives. The present review briefs some of the impacts of the COVID-19 pandemic on the education system and children and youths worldwide. The literature was searched from governmental, non-governmental agencies including UNICEF, UN, UNESCO, WHO, UNFPA, OECD, CARE, ITU, World Economic Forum, and many English peer-reviewed journals, using PubMed/MEDLINE, SCOPUS, Web of Science, Science Direct databases. Literature from the COVID-19 pandemic onset till May 2022 about the impact of school closure on children and adolescents was searched. Present review observed that COVID-19 pandemic-related school closure has resulted in the loss of education for many students worldwide. They have lost a safe environment, the support of peers and teachers, and a source of nutrition. Though COVID-19 has many negative impacts on education, it has also opened innovative ways of teaching that will help in developing a better and student-friendly curriculum. School closure has not only disrupted the education of children and adolescents, but has also pushed them into poverty, malnutrition, mental illness, child marriages, teenage pregnancies, and sexual, physical, and emotional violence, which needs urgent attention.