Social media platforms are widely used by adolescents and young people, raising concerns about potential negative effects on their academic performance. However, social media use can also have positive effects or, at the very least, may not be detrimental for their education in certain aspects. This paper reviews existing research to synthesize previous findings and determine whether and how social media use affects academic performance. Additionally, it describes the various underlying mechanisms that explain the negative or positive effect of social media on academic outcomes. This revision of the literature concludes that social media can have a positive educational effect in certain situations. Nonetheless, it remains essential to promote strategies that help adolescents and young people maximize the benefits of these virtual environments while minimizing the negative effects.