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The article discusses psychological microclimate of a student group under different instructional formats (teaching and learning face-to-face, online, or blended). The main objective of the study was to explore factors that contribute the microclimate formation in connection with the changes that the formal postsecondary education undergoes because of the COVID-19 pandemic. One hundred and sixty-six students of several higher education institutions in Rostov-on-Don, Russia took part in the study. To fulfill the study objective, data about various individual characteristics of participating students and their subjective rating of the psychological microclimate in the respective student groups were collected by means of psychological testing and subjected first to the ANOVA and then to the multiple regression analyses. ANOVA revealed no statistically significant differences across instructional formats either in the microclimate scores or in the respondents’ psychological characteristics. The follow-up multiple regression analysis explored models of joint contribution of the predictor variables to the formation of the microclimate in student groups. Specifically, it found that the relationship between the microclimate and emotional tone is negative, whereas generosity and leadership inclinations are positive predictors of the psychological microclimate in student groups. Better understanding what factors determine dynamic interactions among students in various instructional formats could be instrumental in optimizing microclimate in students group, undoubtedly affected by rather dramatic changes in all aspects of our social lives, caused by the current epidemiological situation in the world. Psychological microclimate in a group is, in turn, capable of seriously impacting on students’ learning performance and psychological wellbeing.