In today’s digitally connected world, social media has become central to culture, shaping how we interact, see ourselves, and feel. Platforms like Facebook, Instagram, and TikTok are promoted as ways to connect, but growing evidence shows they can also cause anxiety, social comparison, and emotional strain. Many studies explore these positive and negative effects, but fewer examine changes in academic discussion about social media and well-being over time. To address this issue, the present study employs BERTopic, a dynamic topic model, to analyze 7,254 journal articles indexed in the Web of Science between 2010 and 2025. The analysis identifies 110 distinct research topics and reveals that the most prominent themes converge around anxiety-related outcomes, social connection and support, as well as contextual and methodological developments such as COVID-19 communication and AI-based depression detection. Temporal trend analysis indicates a clear shift in scholarly focus. Research published between 2010 and 2016 adopted a relatively balanced perspective, addressing both the connective potential and the psychological risks associated with social media use. However, since 2017—coinciding with the rapid rise of visually oriented platforms—academic attention has increasingly centered on anxiety-related issues, particularly fear of missing out and body image concerns. By mapping the shift from connection to anxiety focus, the study shows how academic research tracks social change. The results also suggest that future research should explore platform-specific mechanisms, identify protective factors against digital stress, and contribute to the creation of healthier online spaces.