The aim of the study was to investigate whether social support might mediate the relationship between problematic social media use (PSMU) and satisfaction with life, and depressive symptoms. The participants of this study consisted of 579 university students ranging in age between 1738 years (M = 21.66, SD = 3.06). Participants completed the Multidimensional Perceived Social Support Questionnaire, the Depression, Anxiety, Stress Scale-21 (DASS-21), the Bergen Social Media Addiction Scale, and the Satisfaction with Life Scale. The results showed that the majority of participants (78.1%) spent an increasing time on social media owing to COVID-19. PSMU significantly predicted satisfaction with life, depressive symptoms, and social support. Social support predicted significantly both satisfaction with life and depressive symptoms. Results of the mediation analysis revealed that a pathway in which social support mediates the relationships between the PSMU and depressive symptoms and satisfaction with life is possible. These results suggest that social support may be an important psychological mechanism that mitigates the influence of PSMU on mental health.