The share of internationally mobile students has risen exponentially for the last two decades until the disruptive COVID-19 period, leading to a more diverse and multipolar network structure. However, the COVID-19 pandemic has caused restrictions across the globe. This systematic review aims to explore how COVID-19 has affected the magnitude, flows, and direction of internationally mobile students. A total of 57 studies, retrieved from several databases after extensive search, were analyzed regarding the dimensions of size, flow, direction, and pattern in international student mobility during the pandemic. The review suggests that following the pandemic, international student mobility was still dominated by the top-tier countries due to their swift actions and incremental policies, while some other countries gained visibility for international students and attracted more international students owing to students’ safety concerns and revised international student policies of the countries. Further, students’ study abroad decisions from source countries seemed to be shaped by the policies and regulations implemented during the pandemic, the political environment of the destination country, and personal concerns about safety and getting the most out of the study abroad experience. These factors reshaped the directional flow of international student mobility and study modality, particularly concerning regionalization and digital transformation for higher education institutions.