Social media provides a range of opportunities to interact with others and to obtain information and support. However, there are also a number of risks. While much of the debate has been focused on negative aspects of social media use, it is important to have a balanced perspective so as to work towards harnessing the benefits and reducing the risks. This chapter outlines the key issues and debates by first outlining three core risks of social media: cyberaggression and cyberbullying; sexting, coercion, and risky online interactions; and misinformation and interaction with harmful online groups. It then goes on to discuss three key benefits of social media: the benefits of information-seeking online; the sense of belongingness, social support, and social capital derived from social media; and the opportunities for identity exploration and self-expression. Through discussing examples of risks and benefits that are of particular interest to current policy discussions, media, and research, we aim to provide an overview that sets the foundation for further engagement with these issues by researchers and practitioners, particularly via digital literacy and education.