Accommodation has been found for 220 students who fled a fire at their residential college at James Cook University in Townsville early on Thursday morning.

No one was injured but 14 people were assessed for smoke inhalation from the blaze, which caused moderate damage to the campus building.

University student Kanon Yumoto said he was one of the students who was forced to leave the building.

"I heard a boy saying, 'fire, fire', and it was his room that was on fire," he said.

"I saw some girls like falling onto the ground crying and it really devastated me."

The university's vice-chancellor Sandra Harding said the majority of the students could be accommodated at the campus, with 90 others set to stay with family and friends nearby.

No one was injured in the fire. ( ABC News: Travis Mead )

She said there will be a pop-up support centre, and cash payments and counselling are also being offered.

"We will review the process that we went through, but it appears that it's all gone as smoothly as these things might go," she said.

"You'd rather not be there but at the end of the day everyone was accounted for, everyone was safe.

"All academics through their deans were notified … drawing to their attention that we need to be very mindful of students at this time."

Ms Yumoto had an assessment due on Monday, which she said should could not submit "because of the fire, and I can't get my laptop".

Some students will stay with friends and family while repairs are carried out. ( ABC News: Sofie Wainwright )

UK student Michael Stephano did not have to be evacuated from his college next door, but empathised with students whose studies had been affected.

"I woke up this morning and heard the commotion," he said. "That very well could have been us."

"I know how stressed they are. We are now in the middle of exam block. There are so many assignments and tasks people have to do."

Townsville Acting Inspector Dean Cavanagh said the fire was brought under control quickly, extinguished by 1:00am.

He said access to the building will be restricted as the cause was investigated.

"We don't exactly know how long this investigation will take," he said.

"Obviously we understand just how much impact this will have on our students."