A shared traumatic reality refers to contexts in which individuals experience trauma both personally and professionally while supporting others exposed to the same events. Research on coping resources in such contexts has primarily focused on professionals. Guided by a resilience-oriented framework, the present study explores the roles of social support, sense of coherence (SOC), and meaning in field practice in the association between social work students’ war-related experiences and psychological distress. A cross-sectional survey was conducted in northern Israel during the ongoing Israel–Gaza war among 149 undergraduate social work students (M = 28.71, SD = 5.47; age range = 20–54; 85.2% female), including traditional and second-career students. Results indicated a strong positive association between war-related experiences and psychological distress. SOC moderated this association, such that the relationship was weaker among students with higher SOC. Meaning in field practice partially mediated this association, with greater exposure linked to lower meaning in field practice and, in turn, higher psychological distress. These findings underscore the importance of resource-oriented approaches in social work education and field training and highlight the need for institutional and supervisory support to protect students’ well-being and sustain professional learning in contexts of prolonged collective adversity.