The two young women and young man, in their late teens/early 20s, had gone for a walk and were spotted waving from the island by a local resident who contacted the emergency services and Galway RNLI.
Conditions at the time (around 4pm) were changeable with heavy showers.
Three volunteer members of the inshore lifeboat crew were working in the vicinity of the station at the time and launched the boat in six minutes.
The three students were picked up safely and brought back to the lifeboat station at Galway Docks where they were warmed up and given tea. They did not require medical attention.
The lifeboat crew on this callout were helm David Oliver, Dara Oliver, David Badger and Olivia Byrne.
Lifeboat shore crew John Bryne said: "The three students did the right thing waiting on the island and not attempting to get off."
It's not the first time that people have been stranded by the incoming tide on Hare Island, as Galway RNLI were called to a similar incident in September 2010.