Aim Polycystic ovary syndrome (PCOS) is a common endocrinological disorder in reproductive age and criterion have recently been revised for adolescent age group. Research regarding effects of PCOS on psychological well-being is limited; and majority of the studies are conducted in adult patients. We aimed to examine psychological effects of PCOS in adolescents who are diagnosed using latest criterion. Methods Cases were divided into PCOS and control groups according to their clinical, ultrasonographical and biochemical features. Beck depression inventory (BDI), State & Trait Anxiety Inventory (STAI-I/II), Self-Confidence Scale (SCS), Multidimensional Peer-Victimization Scale (MPVS) and Social Anxiety Scale for Adolescents (SAS-A) were used in psychiatric evaluation. Results There were no statistically significant differences between groups regarding psychiatric scale scores. However, several biochemical parameters (dehydroepiandrosterone sulfate, 17-hydroxyprogesterone) and clinical (Ferriman-Gallwey score [FGS]) of hyperandrogenism affected certain indicators of psychological well-being such as social anxiety, low self-esteem and peer victimization. In some psychiatric scales, biochemical indicators were found correlated while clinical indicators were not. Conclusion Similar psychiatric scale scores between groups may indicate preliminary stages for adolescent PCOS in which endocrinological, physical and social factors have not yet reached their full potential for their effect on emergence of psychological problems; thus making this age group critical for interventions of prevention measures. In addition, while examining the effects of PCOS on psychological well-being, biochemical parameters of hyperandrogenism might be as effective as physical manifestations (FGS); and high levels of biochemical parameters of hyperandrogenism might also affect psychological state.