This study aimed to shed light on how the first wave of COVID-19 influenced well-being and changed the work of early childhood education and care (ECEC) teachers in Estonia and Finland and how well-being and changes are associated with each other. The data used in this quantitative study were gathered via nationwide online surveys of early childhood education teachers (N = 378). The results revealed that there was no major change in teachers’ well-being at work. Likewise, changes in work were limited. However, there were large individual variations in these experiences between teachers and between countries. Finnish teachers’ well-being at work was only slightly explained by job changes, while Estonian teachers’ well-being was significantly more explained by them. The findings highlight the intertwined nature of well-being at work and work changes and the individual nature of the effects of the COVID-19 pandemic on teachers’ work.