The COVID-19 pandemic had a widespread effect on healthcare delivery across the world. Alterations in the dispensing of frequently used medicines can serve as an indicator of emerging diagnoses. This study examines the influence of the pandemic on the dispensing of particular psychotropic drugs. Data on primary care dispensing for various drug categories in England from March 2017 to February 2022 were analysed. To assess effects during times of limited healthcare access for new or ongoing conditions, both ongoing and occasional dispensing were incorporated, adjusting for prior patterns. Pre-pandemic monthly dispensing figures from March 2018 to February 2020 were projected linearly to estimate anticipated yearly increases (EAG). These were then averaged for the pandemic phase (March 2020–February 2022) and contrasted with observed values. Dispensing of medicines for physical conditions generally declined during the pandemic, particularly antibiotics at −12.5% (EAG −1.3%). In contrast, bronchodilator dispensing rose sharply in the initial pandemic phase starting March 2020 by 5% (EAG 0.1%). For mental health drugs, hypnotics and anxiolytics rose slightly above projected trends by 0.2% (EAG −2.3%), antidepressants declined marginally by −0.2% (EAG 5.0%), and antipsychotics showed no overall shift (EAG 2.8%), though with a transient rise early in the pandemic. Across the five most commonly dispensed antidepressants in England (Sertraline, Mirtazapine, Venlafaxine, Fluoxetine, and Citalopram), actual dispensing fell below historical projections during the core pandemic phase. The modest rise in hypnotic and anxiolytic dispensing beyond expectations may relate to heightened anxiety and concern induced by the pandemic. Conversely, the subtle reduction in major antidepressant dispensing, amid challenging conditions, implies that barriers to healthcare access likely hindered prompt evaluations.