Over the last two decades, researchers have paid more attention to how food allergies affect children’s and teens’ health-related quality of life (HRQL) and psychological well-being. In response, several reviews aimed at synthesizing the literature have been produced. The current review seeks to fill this gap by integrating quantitative and qualitative research to provide a thorough overview of the burden of juvenile food allergy. The study’s findings show that children and teens with food allergies, particularly older children and those with more severe symptoms, had lower HRQL. Food allergy and psychosocial functioning have a less obvious link than HRQL; however, there was some evidence relating food allergy to higher levels of psychological discomfort. According to qualitative findings, the burden of pediatric food allergy derives mostly from concerns about exposures outside the house and the social ramifications of the condition. The article also identified several gaps in the literature, including a lack of longitudinal studies, research on predictors of psychological distress in children and teens with food allergies, and studies comparing bullying rates in food-allergic and non-food-allergic groups. More focus should be placed on easing the social and psychological effects of food allergies and identifying and assisting those most severely affected.