Adolescents spend a substantial amount of time using social networking sites (SNSs); however, little is known regarding whether such use is associated with indicators of adjustment. The present study employed a multidimensional measure of SNS use to investigate the link between Australian adolescent SNS use and indicators of adjustment. Youth (N = 1,819, 55% female) from 34 diverse high schools across Western Australia were surveyed. The results showed that frequency of SNS use was linked to higher social self‐concept while investment in SNSs was associated with lower self‐esteem and higher depressed mood. Furthermore, having an SNS was linked to more negative indicators for female adolescents compared with male adolescents, although the link between frequency of use and investment in SNSs to indicators of adjustment was not moderated by gender. The present study highlights the complexity of the relationship between adolescent SNS use and indicators of adjustment, and offers insight into the diverse types of adolescent use of SNSs.