There are concerns about social media's potential impact on mental health and life satisfaction, but research results are mixed, focusing mainly on negative aspects and usage frequency. This study explores how different perceptions, actions, and motivations of social media use relate to Norwegian students' mental health and life satisfaction. The study included 47,163 full-time students aged 18–28 from the Norwegian Students' Health and Well-being Study (SHoT) in 2022. Mental health problems and life satisfaction were assessed through the Hopkins Symptoms Checklist (HSCL-25) and the Satisfaction With Life Scale (SWLS). Using Bayesian regression models, we investigated how ten statements about social media use were rated depending on mental health status, stratified by sex, and adjusted for age and parental education. Females reported significantly higher levels of mental health problems, lower life satisfaction, and higher agreement with most social media statements than males. However, the relationship between social media aspects and mental health was similar for both sexes, and age and parental education did not alter the results substantially. Notably, using social media as distraction from negative feelings was more prevalent among students with higher mental health problems and lower life satisfaction, whereas perceptions of positive attention on social media were lower. Some aspects, like fear of missing out, did not vary significantly across mental health status. These findings suggest a complex interplay between social media and mental health, with some behaviors potentially serving as forms of coping. This points to the importance of recognizing these complexities in future research and interventions.