The aim of the present study was to examine the relationship between social media use and digital stress (availability stress, approval anxiety, fear of missing out, connection overload and online vigilance), and whether social media use and digital stress predict anxiety and depression symptoms. In addition, we aimed to examine the moderating role of digital stress in the relationship between social media use and anxiety and depression symptoms. The study was conducted with 267 university students (M = 21.06, SD = 2.01; 81.3% female). To achieve the objectives of the study, a new measure of social media use was developed, and the Multidimensional Digital Stress Scale was applied. The results showed that the association between social media use and anxiety and depression symptoms is weak. Higher digital stress is associated with more anxiety and depression symptoms. Availability stress, approval anxiety, and connection overload were significant positive predictors of anxiety, and connection overload was significant positive predictor of depression. Availability stress and connection overload were significant moderators of association between Instagram use and anxiety symptoms while availability stress was significant moderator of association between Instagram use and depression symptoms. Results showed that among individuals with higher availability stress, less time on Instagram was associated with more severe psychological symptoms of depression and anxiety. Similarly, among individuals with lower connection overload, more time on Instagram was associated with lower levels of anxiety symptoms.