Background: Nurses experience many psychological problems in the coronavirus disease 2019 (COVID‑19) outbreak. This study aimed to investigate the prevalence of Compassion Fatigue (CF) in nurses and the role of Spiritual Well‑being (SW), Emotion Regulation (ER), and Time Perspective (TP) in predicting it. Materials and Methods: The research method was descriptive‑correlational. The statistical samples of this study included 394 nurses in Iran who were selected by the census sampling method. The sub‑scale of CF from the Professional Quality of Life Scale, SW questionnaire, ER, and the short form of TP questionnaires were used to collect data. Descriptive statistics and analysis of covariance tests were used to analyze the data. Results: The prevalence of CF in nurses in the COVID‑19 outbreak was 59.39%. CF in female nurses was higher than that in male nurses (F3,392 = 15.23, p < 0.001); in married nurses, it was higher than that in single nurses (F3,392 = 14.23, p < 0.001); and in nurses on fixed shifts, it was higher than that in nurses on rotating shifts (F3,392 = 5.63, p < 0.001). Also, CF in the emergency nurses, intensive care unit nurses, and coronary care unit nurses working under COVID‑19 pandemic was higher than that in the emergency nurses and nurses who worked in other wards (F3,388 = 14.31, p < 0.001). The results of hierarchical regression showed that SW, ER, and positive past negatively and suppression, present‑fatalistic, negative past, and negative future positively predicted the CF (p < 0.001). Conclusions: Based on the results, programs and psychological trainings based on SW, ER, and TP are suggested to reduce CF in nurses in the COVID‑19 outbreak.