Background: The COVID-19 pandemic is a catastrophic health crisis that affects several nations across the world. Hence, such widespread outbreaks are associated with adverse mental health consequences. However, there is scarce information regarding the psychological impacts of COVID 19 on college students in Ethiopia. Thus, this study investigated the psychological impact of COVID-19 upon students.Methods: A cross-sectional study was conducted among 422 college students who were learning at randomly selected public and private colleges and universities in Dessie town. The sample was proportionally allocated into the four randomly selected colleges and the students were recruited using a systematic random sampling technique with every 6th interval that was obtained from each college’s registrar office. The data analysis was done using SPSS version 23.0. Variables with p-value < 0.25 in the bivariate analysis were entered into the multivariable logistic regression model. Model fitness was checked using the Hosmer-Lemeshow model fit-ness-test. Statistical significant level was declared at a p-value < 0.05.Results: This study involved 408 students with a response rate of 96.6%. In this study, the overall psychological impact of COVID-19 among college students was 16.2% [95% CI: 12.7%, 19.9%]. Moreover, 77.2% of the students had experienced depression disorder. Similarly, 71.8% and 48.5% of students had experienced anxiety and stress disorders respectively. The multivariable logistic regression showed that being female [AOR=1.68, 95% CI 1.09, 2.91], having inadequate practice of prevention measures [AOR=1.74: 95% CI 1.01, 3.02] and living urban residency [AOR=0.76: 95% CI 0.48, 0.94] were the independent predictors of psychological problems among students.Conclusions: The study revealed the level of anxiety, stress, and depression disorders are optimally high among students. Therefore, local governments should develop effective psychological interventions for students. Moreover, it is important to consider the educational enrollment types and academic years of the students during the interventions.