Klum's 7-year-old son Henry was pulled away along with two of his nannies before Klum, 39, and her bodyguard boyfriend Martin Kirsten were able to assist them.
"We got pulled into the ocean by a big wave. Of course, as a mother, I was very scared for my child and everyone else in the water," the Project Runway host told the magazine. "Henry is a strong swimmer and was able to swim back to land. We were able to get everyone out safely."
Klum and her family have been vacationing in Hawaii since March 24.