The article presents a review of foreign and domestic publications on psychological problems of homo- and bisexual adolescents and youth, as well as on characteristics of psychological counseling of LGB-adolescents and youth. The authors bring up an important concern of vulnerability of LGB-adolescents and young people in Russia in the XXI century. The authors discuss characteristics of the sociocultural situation, in which LGB-adolescents come to age, analyze risk factors to which LGB-youth is exposed, comparing data of foreign and domestic research, as well as protective factors, the development of which may be secured by psychological counseling of LGB. According to the authors, the factors that heighten risks of development of affective disorders, risky and suicidal behaviors are violence in family and reprobation of family members, violence and reprobation of peers, political and institutional homophobia, bullying, forced coming out, physical violence related to coming out, minority stress, internalized homophobia, social, emotional and informational isolation. Protective factors are open objective and non-stigmatizing information about homosexuality, support of other people, including family members, peers, teachers, LGBT-organizations, positive self-identity, including gender and sexual identity, access to quality medical and psychological help. The authors emphasize that majority of psychological problems, encountered by LGB-adolescents, do not related directly to sexuality and sexual orientation, but isolation, which accompanies LGB-adolescents, may significantly escalate problems, which are typical for adolescent and young age. The article describes general trends and key characteristics of psychological counseling of LGB-adolescents and youth.