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Despite the increasing evidence on the effects of the economic crisis and austerity policies on the health of the population, we lack knowledge of how the young population is being affected. High unemployment rates, labour instability, high housing costs and cuts in public policies have placed the young in a vulnerable situation. We explore changes (2006–2017) in the both physical and mental health of young people in Spain using a selection of health indicators. By doing so we draw the reader’s attention to three elements with a close relationship to neoliberalism: the prominence of social determinants of health, the importance of inequalities and the accumulation of multiple sources of disadvantage in certain groups and individuals which ultimately condition the course of their lives; and the use of medicalization as a common and legitimised response to poor mental health.