Social media has emerged as a transformative force across various domains, including education, mental health, academic integrity, and digital citizenship. This literature review examines the complex interplay between social media usage and its impact on higher education, student performance, psychological well-being, and ethical considerations. Studies highlight the dual role of platforms like Facebook, Twitter, and other online networks in fostering collaborative learning environments while also posing risks such as distraction, cyberbullying, and academic dishonesty. Key findings include the potential for enhanced student engagement and innovative pedagogical strategies through gamification, virtual learning environments, and participatory scholarship. Concurrently, concerns such as misinformation, privacy violations, and mental health implications are critically explored. This synthesis underscores the importance of balancing the benefits and challenges of social media in education, offering insights into fostering ethical and effective use in digital learning ecosystems.