Given the need for a rapid and critical response from behavioural sciences during times of crisis, this study investigated the trajectory of all preprints posted to the repository PsyArXiv up to 19 May 2020 that were related to COVID-19 (n = 211). Specifically, we examined the trajectory, transparency, and diversity of these preprints as compared to PsyArXiv preprints unrelated to COVID-19 (n = 167) and articles published in psychology journal articles (n = 75) within the same time frame. Preprints related to COVID-19 had similar traction to published journal articles on COVID-19, but compared to preprints unrelated to COVID-19, the COVID-19 preprints were more likely to be subsequently published during a follow-up period (until 2 March 2021), were published more quickly, and received more citations. Preprints related to COVID-19 reported fewer open science practices than preprints unrelated to COVID-19, but more than COVID-19 journal articles. Primary affiliations for all preprints and journal articles predominantly originated from Western countries, but this was comparatively more for preprints (both related to and not related to COVID-19), even though preprints had more international authorship teams than journal articles. In conclusion, this study sheds light on preprint dissemination within the field of psychology amid the COVID-19 crisis, emphasising the swift spread, heightened probability of subsequent publication, and diverse adherence to open science practices among COVID-19-related preprints. These results underline the continual need for rigorous evaluation and advancement of scholarly communication practices, especially during periods of global urgency, to uphold transparency, diversity, and rigour in disseminating vital research findings.