BACKGROUND AND OBJECTIVES: As healthcare evolves with technology, the demand for a more skilled nursing and midwifery workforce has increased, making traditional learning alone insufficient. This has driven the adoption of virtual reality (VR) based simulation learning. While VR's effectiveness has been reviewed, student and educator experiences and well-being remain underexplored. This review examined the perspectives of nursing and midwifery students and educators using immersive VR, and its impact on health and well-being. METHODS: A qualitative systematic review was conducted searching across seven databases, CINAHL, Embase, Education Resources Information Centre, MEDLINE, PsycINFO, Scopus, and Web of Science Core Collection, from January 2001 to March 2024. Qualitative evidence on midwifery and nursing students and educators using immersive VR, including head-mounted displays, were included. An adapted Critical Appraisal Skills Programme tool was used to assess study quality. Themes were developed using thematic synthesis. FINDINGS: Forty-five studies from 14 countries were synthesised. VR topics covered skills, competencies, knowledge acquisition, and professional values. Seven analytical themes emerged: impact on health and well-being, constraints to VR use, unique selling points of VR, enhanced productivity in teaching and learning, perceptions of realism in VR, professional development and attitude shifts, and future considerations for VR use. CONCLUSION: While VR provides significant benefits in nursing and midwifery education, its full integration is hindered by practical challenges, and concerns about health and well-being. Effective adoption requires dedicated educator support, student collaboration in content development, clear guidelines, increased institutional investment, and balanced use alongside traditional simulations. Future research should investigate learner and educator perspectives longitudinally to maximise VR's educational potential.