Given the wide spread usage of social media and the concern of both parents and teachers regarding the effects of this usage on students’ school performance, it was hypothesized that perhaps being media literate could mitigate the feared outcome. To test this hypothesis, a sample of 150 female 8th graders was randomly selected from among all 8th graders in Tehran’s district 6 in 2020-2021 school year, and given two questionnaires of assumed validity and reliability, one on media literacy and the other on the usage of social networks. Students’ grade point average was used as an index of theirs school performance. Regression analyses of the collected data revealed that the higher media literacy, the better students’ management of their time and usage of the media, resulting in better school performance. Hence, it is concluded that learning skills related to media literacy by students could lead to their self-regulation in managing their usage of the social media and consequently perform better at school.