Social media has impacted child well-being in paradoxical ways. Yet, our understanding of this paradox remains piecemeal. To address this gap, this conceptual article endeavors to delineate the interplay between child well-being and contradictions associated with social media consumption and the ways to manage these contradictions. Using paradox theory, we develop a theoretical framework that explains the relationships and dynamics surrounding conflicting demands between empowerment and protection and the cyclical responses to paradoxical tensions involving social media that are affecting child well-being. Using this framework, we offer a collection of propositions to stimulate further research on the empowerment–protection paradox and a set of mediating pathways to manage paradoxical tensions arising from social media consumption and promote children’s well-being in the digital era.