In the modern world social media is define in a terms of mobile and web based technologies to create a social network in a virtual world through a collection of online communication channels. The Social media has helped to make our society a democracy by placing emphasis on issues that at one point in time would have been considered strictly private such as child birth, homosexuality, child care, domestic violence, and sexual harassment. Coverage of exploitative malpractices by corrupted officials has helped in taking stringent actions against them by attracting the government’s attention. We live in society today where the social media plays a pivotal role in how we see the world, and how our opinions are formed, whether it is from what we watch on television, facebook or what we gather from twitter, blogs, youtube etc. This paper discusses whether social media is a boon or bane of a social perspective depicting its various benefits and pitfalls. It has also focused to find out the answer whether the social networking sites are boon or bane for today's society. It cannot be favored by proving it to be a complete boon nor can we call it to be completely negative. It is a mixture of both i.e. it is a boon as well as a bane.