Social networks are defined as virtual spaces that connects users to each other with the ability to create unique profiles that often shows wanted image of yourself. They are considered as essential part of today's life, and the number of users is constantly growing. This paper will present foreign and domestic research on the roles and impact which social networks have on different segments of life such as mental health and quality of life of young people as a special group also called "Generation Z". In the context of mental health, research most often focuses on constructions such as depression, anxiety, self-esteem, and more recently, the fear of missing out. There will be presented results of many research that provide answers to which social networks young people today are using the most and how they affect adolescents with different individual characteristics and their impact on love relationships. After the leadership of the social network Facebook, Instagram is now in the first place in terms of the number of users according to the new data. Further changes are predicted, as well as new networks. Finally, the aim of this paper is to provide insight into the possible harmful consequences and risks that frequent use of the Internet may have on the younger population.