The COVID‐19 pandemic has resulted in tremendous educational and health impacts for Indigenous peoples and communities. Yet, little is known about the impacts of the pandemic on Indigenous nursing students in Canada. Guided by an Indigenous conceptual framework and a qualitative sharing circle methodology, the interconnected personal, academic, and community impacts of the pandemic were explored with Indigenous nursing students (n = 17). Overall, the pandemic exacerbated and compounded prior traumas Indigenous students and communities have experienced across generations on Turtle Island. Participants suffered worsening psychological distress and significant losses during the pandemic, especially losses in learning and cultural safety. However, the pandemic also revealed silver linings including: the benefits of online learning; and demonstrations of posttraumatic growth, survivance, and community strength. These findings are relevant to informing culturally safe and trauma‐informed strategies, policies, administrators, and educators in schools of nursing.