Immersive Virtual Reality (IVR) is a promising tool for improving the teaching and learning of nursing and midwifery students. However, the preexisting literature does not comprehensively examine scenario development, theoretical underpinnings, duration, and debriefing techniques. The aim of this review was to assess the available evidence of how 360-degree Virtual Reality (VR) utilising head-mounted devices has been used in undergraduate nursing and midwifery education programmes and to explore the potential pedagogical value based on Kirkpatrick’s evaluation model. This review followed the Joanna Briggs Institute (JBI) methodology. A comprehensive electronic search was conducted across five databases. All studies published in English between 2007–2022 were included, regardless of design, if the focus was undergraduate nursing and midwifery programmes and utilised fully immersive 360-degree VR scenarios. Out of an initial pool of 1700 articles, 26 were selected for final inclusion. The findings indicated a limited diversity in scenario design, with only one study employing a participatory approach. Within the Kirkpatrick model, the most measurable outcomes were found at level 2. The main drawback observed in interventional studies was the absence of a theoretical framework and debriefing. The review concludes that the increased use of fully IVR in nursing education has improved student learning outcomes; however, published literature on midwifery education is scarce.