Social media has now been established itself as a powerful communication tool catering to more than two billion users worldwide. It is now considered as a mass media through which anyone can create or share his or her ideas, views, information, messages, etc. to any individual or a group via wire or wireless medium. Examples of social media are Facebook, Twitter, Instagram, LinkedIn, WhatsApp, Snapchat, Google Hangouts, and Skype etc. These social media sites are very popular among students and they construct their knowledge and shape their worldviews according to their social media interactions with each other. These sites create a virtual world and give the students utmost freedom to indulge in any kind of activity, as they like by creating an online identity. Through social media, any student can connect or meet with anyone irrespective of his or her geographical location, diverse cultural, social and religious background thus allowing them to be more aware and knowledgeable about the world. Despite the positive effects of social media, students are also victims of its darker side. Students are now getting more and more addicted to this virtual world and neglecting their academic studies. They also prefer online interactions against face-to-face communication with their friends and other family members. They are also avoiding other recreational activities. Therefore, students have to be made aware of the ill effects of social media. In this investigation, we are to explore the positive and negative effects of social media on the student life and some precautionary measures in order to minimize the negative effects of social media.