This study examined the impact of the COVID-19-induced school lockdown on need satisfaction, well-being and motivation in both gifted and non-gifted primary school students in the Netherlands. A total of 312 parents (122 from gifted children) participated. The lockdown had mainly negative effects on students’ need satisfaction, well-being and motivation. However, the impact of the lockdown was less negative for gifted students. There was also a levelling effect: Before the lockdown, gifted students had lower need satisfaction, well-being and motivation than their non-gifted peers, but these differences decreased during the lockdown due to (stronger) declines in the non-gifted. Changes in non-gifted students’ well-being and motivation, because of the lockdown, were negatively mediated by autonomy and relatedness with classmates. Among the gifted, this was positively mediated by competence. Only before the lockdown, the effects of giftedness on well-being and motivation were mediated by autonomy and relatedness satisfaction.