The use of social media continues to increase in modern cultures in recent years. This new context leads to creating a virtual self, which somewhat differs from the real self. Further, social relations are set and maintained predominantly in this new context. There is no doubt that social media does not only affect individuals' social relations but also their cognitive skills by pulling them into new situations that they are unfamiliar with. In this new context, content coded in social media can be remembered in real life, and content coded in real life can be remembered in social media. This new context, where mostly real-life stories are shared, is likely to strongly affect the autobiographical memory processes of individuals. Past research suggests that social media affects autobiographical memory processes both directly (phenomenological characteristics, functions) and indirectly through cognitive processes (eg, attention, working memory, transitive memory). Studies about its indirect effects indicate that people with limited attention and working memory capacity have difficulty processing the high number of stimuli offered by social media. Given that the long-term memory capacity is not limited, it is plausible to expect that some of the contents are encoded into the memory; however, problems may occur in the storage and retrieval processes. Studies about the direct effect of social media show that the phenomenological characteristics (number of details, accuracy, emotional content) and functions (self, social, directing, therapeutic) of events experienced or shared on social media differ from real-life events. This theoretical review discusses the effects of social media use on cognitive processes related to memory processes and more specifically on the phenomenological and functional characteristics of autobiographical memory. To recognize and prevent potential psychological issues that may emerge in relation to this new setting, it appears essential to comprehend how social media affects autobiographical memory, which is essential for self-perception.