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Despite the need for urgent actions in response to the exacerbated inequalities in mental health resulting from the COVID-19 pandemic, there remains a significant gap in research into the relationships and underlying mechanisms between socioeconomic status (SES) and various mental health outcomes among students during the COVID-19 university closure. With a sample of 839 students from a university in Lanzhou, the capital city of China's Gansu Province, which was closed during the 2022 autumn semester due to the COVID-19 outbreak, this study examined the relationships between SES and both the negative and positive mental health outcomes, with a particular inquiry into the mediating roles of perceived social support and self-efficacy. The results show that SES had significant and negative total associations with psychological distress (β = −0.119, p < 0.001) and loneliness (β = −0.132, p < 0.001), while having significant and positive total associations with life satisfaction (β = 0.90, p < 0.01) and affective well-being (β = 0.108, p < 0.01). Moreover, perceived social support and self-efficacy independently and sequentially mediated the associations between SES and various mental health outcomes. Research implications for the design and improvement of university measures to reduce the socioeconomic inequalities in students' mental health are also discussed. [ABSTRACT FROM AUTHOR]