In today’s digital society, social media plays a central role in student life while simultaneously increasing exposure to cybersecurity threats and wellbeing challenges. This study explores the dual impact of social media usage on university students’ information security risks and mental health. A combined research design was used, integrating qualitative theory building with a quantitative survey of 225 university students in Hanoi, Vietnam. Data was analyzed using SPSS and AMOS. Results show that heavy social media usage, limited information security awareness, and social media platform-specific features contribute significantly to digital vulnerability. Results also suggest that information security risks correlate with psychological stress, anxiety, and depression. The findings highlight the urgent needs for integrated digital governance in universities, sectoral cooperation, and adapted interventions for students.