Compassion fatigue is a set of emotions and behaviors that occur as a result of assisting a person who is suffering. Compassion fatigue, burnout, and low compassion satisfaction are all hazards that professional caregivers encounter. However, in comparison to non-medical workers, psychiatrists were found to have higher levels of compassion fatigue. We conducted a cross-sectional study that targeted all psychiatrists and psychiatric trainees enlisted in Saudi Arabia at the only registering body, the Saudi Commission for Health Specialties (SCFHS). The SCFHS approved and sent an online survey consisting of a three-section questionnaire concerning sociodemographic, personal, and professional information and the Professional Quality of Life Scale (ProQOL 5). Compassion fatigue was found at an average level in 43.2% of participants, while 56.3% had a low level. An average level of burnout was found in 65.9% of participants, while 34.1% had a low level of burnout. Of all participants, 38.9% had an elevated level of compassion satisfaction. Participants who were diagnosed with psychiatric illness showed higher burnout scores (p <0.001). Divorced or separated participants had a higher compassion satisfaction score compared with single participants. A history of psychological trauma was associated with a higher compassion fatigue score (p =0.002). These findings supported the notion of trauma as a specific risk factor for compassion fatigue. They also attested to the huge burden among psychiatrists and psychiatric trainees as part of the nature of this profession. We advise developing systematic and proactive tools to screen for trauma and to support practicing and future psychiatrists, especially those at risk of compassion fatigue.