Little is known about the impacts of covid-19 pandemic on mental health problems among youth population whereas this information is extremely necessary to develop appropriate actions to support these young people overcoming psychological crisis and increasing satisfaction with life during the disease outbreak. This study not only explores the influences of fear and anxiety of covid-19 on life satisfaction, but it also examines the mediating roles of psychological distress and sleep disturbance in this linkage. 1521 students from universities in Vietnam was assessed utilizing the online-based cross-sectional survey. The study revealed that fear and anxiety of covid-19 was strongly related to psychological distress and sleep disturbance and life satisfaction among Vietnamese university students. Also, life satisfaction was found to have a strong and negative association with psychological distress, but without sleep disturbance. Moreover, the findings of the study revealed that fear and anxiety of covid-19 reduced life satisfaction and increased sleep disturbance via psychological distress. This study was expected to contribute to the extant literature by enriching our understanding the serious impacts of covid-19 pandemic on youths' mental health as well as provide some useful references for policy makers to prevent the occurrence of psychological crisis among university students.