Social media use has increased worldwide, facilitating social relationships as well as the widespread exchange of information, images, and ideas. However, some individuals may develop a compulsive and unregulated engagement with social media platforms, known as problematic social media use (PSMU), which can result in adverse consequences for personal, social, and professional functioning. This scenario leads to considering which factors are implicated in PSMU and how they can affect the disposition toward PSMU. The present study aimed to explore the mediating role of fear of missing out (FoMO) in the association between both grandiose and vulnerable facets of narcissism and PSMU while also investigating the moderating effect of trait mindfulness. The research was conducted with 208 youth participants from 19 to 28 years old through an online cross-sectional design. Participants completed the Narcissistic Personality Inventory-13, the Hypersensitive Narcissism Scale, the Fear of Missing Out Scale, the Cognitive and Affective Mindfulness Scale-Revised, the Bergen Social Media Addiction Scale, and a short socio-demographic questionnaire. Results revealed that FoMO mediated the association between both facets of narcissism and PSMU, while trait mindfulness moderated the interplay between FoMO and PSMU, dampening the effect of FoMO. These findings provide theoretical insights into the main mechanisms underlying PSMU as well as promising practical implications for the development of mindfulness-based interventions aimed at mitigating PSMU. Limitations and future research directions are also discussed.