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Introduction: Hydroxycloroquine (HCQ) has been extensively studied for treatment and prevention of coronavirus diseases 2019 (COVID‐19) from the start of the pandemic. Conflicting evidence about its usefulness has begun to accrue. Methods: In the face of controversial results about clinical efficacy of HCQ, we performed a rapid systematic review to assess its safety in the framework of COVID‐19 randomized clinical trials. Results: Five studies investigating 2291 subjects were included. The use of HCQ was associated with higher risk of adverse event compared with placebo or standard of care: odds ratio 4.57, 95% confidence interval 2.14–9.45. Conclusion: Safety profile of HCQ appears to be unsatisfactory when used to treat or prevent COVID‐19, especially in the light of unproved clinical benefit. [ABSTRACT FROM AUTHOR]