The 2001 IIHF World U18 Championships were held in Heinola, Helsinki, and Lahti, Finland.

Russia defeated Switzerland 6–2 in the final to win the gold medal, with Finland defeating the Czech Republic 2–1 to capture the bronze medal.

Ukraine were supposed to be relegated to Division I for the 2002 IIHF World U18 Championships, however with the late addition of  Canada it was decided to temporarily expand the tournament to twelve teams.

[1] (Minimum 60 minutes played) Belarus were promoted to the top level, and  North Korea were relegated to Division II for the 2002 IIHF World U18 Championships.

Netherlands were promoted to the Division II, and  Israel were relegated to Division III Qualification (which was not played, Israel returned to competition in 2003) for the 2002 IIHF World U18 Championships.