The flow of international students crossing borders to pursue educational opportunities has been significantly affected by the COVID‐19 pandemic, causing higher education systems worldwide to consider the context and realities of global academic mobility before and after the health crisis. This joint paper by the Institute of International Education (IIE) and IC3 analyzes significant international student mobility trends before the COVID‐19 pandemic, the role of the United States and other host countries in offering international students academic opportunities, and the increased competitiveness among countries to attract international students. The paper will provide an overview of the global mobility flows to and from major world regions in the 2019/2020 academic year. The paper will then consider the effects of COVID‐19 on global student mobility and how the pandemic has comparatively affected international students and the countries that serve as their hosts.