Within the offline context, research provides evidence that observing prosocial media content and active engagement in prosocial behavior benefit individuals’ well-being. However, it is unclear to what extent such effects hold also true in the context of social media. Building on the theoretical lens of elevation and based on a study with 299 participants, we use consistent partial least squares structural equation modeling to investigate to what extent the observation and engagement in prosocial behavior on social media impacts users’ positive affect, subjective happiness, loneliness, and humanity-esteem. Our results show that the mere observation of prosocial content is insufficient to benefit well-being, and users need to engage in such actions to unfold the uplifting effect of prosociality within the digital sphere.