The video has since been removed from TikTok, but was shared on campus several times before a student took it to the school administrator.
School administrators say they are "heartbroken" and they could not share the punishment for the involved students because of privacy issues.
Local civil rights leaders are frustrated the video was recorded on campus.
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Former NAACP President for Lincoln County, Debbie Williams, reacted to the video.
"Take your joke back because this is a reality. You said something that was very detrimental to the black community. Slavery was not a joke," Williams said.
Administrators say the school board will likely look at policies and procedures to try to find ways to prevent this from happening again.