Background and Objectives: A steady supply of blood should be made available at any time to meet the emergency need for transfusion which is a life-saving intervention. It is essential to determine if the fear of COVID-19 has negatively affected the willingness of individuals to donate blood. This analytical cross-sectional study compared the proportions of students donating blood before and during the COVID-19 pandemic and determined the factors that affected their willingness to donate. Methods: A total of 187 students were invited to respond to a 14-item research-developed online questionnaire. Estimation of proportions, z-test and logistic regression were performed using Stata MP version 14. Results: The estimated proportion of students who donated blood before the pandemic was 9.62% (95% CI: 6.12, 14.81) while the proportion of students who donated blood during pandemic was 3.74% (95% CI: 1.78, 7.69). The said proportions were statistically significantly different (z statistic = 2.2774, p value = 0.0114). The estimated proportion of students who had the willingness to donate blood in the next three months was 39.04% (95% CI: 32.25, 46.28). Those who had the fear of getting infected with COVID-19, those who thought that there would be no personal benefit to be gained, and those who were unaware of the locations of the blood donation facilities were 64%, 82%, and 36% less likely to donate blood in the next three months. Conclusions: The proportion of blood donation among students significantly declined during the pandemic. Various factors identified to prevent one from donating must be addressed.