This study explores the factors influencing media literacy (ML) among Peruvian undergraduate students, focusing on individual, behavioral, and structural variables. The research surveyed 301 students from two universities. Results indicate that ML is shaped by a combination of factors. Information communication technology (ICT) engagement was significatively correlated to it, as was educational background, particularly maternal education. These findings highlight the complexity of ML development and carry important implications for the design and implementation of effective educational policies and interventions in emergent and middle-income societies. Media literacy is not merely a byproduct of technological exposure but is shaped by a dynamic interplay of individual practices, and sociocultural contexts, including family education. In contexts marked by important social inequalities, such as Peru, an integrated approach to media literacy education is crucial for empowering young citizens with equitable critical skills necessary to navigate the complexities of the digital age.