Young people today interact in a range of digital environments – from browsing the Internet and playing video games to connecting with their peers on social media platforms. As social media has become central to how young people communicate and consume information, parents, educators and policymakers increasingly worry that social media use may contribute to lower academic performance and negatively affect well-being. This paper reviews the literature on the impacts of social media use on young people and then explores trends in how they use social media. It analyses the associations between social media use and academic outcomes and skills, focusing on creative thinking. Finally, the paper discusses how policy can support young people in making the most of social media’s many opportunities while protecting them against related risks in ways that safeguard freedom of expression, privacy, innovation and fair competition.