Social media are increasingly being used for educational purposes. The first part of this article briefly reviews literature that reports on educational applications of social media tools. The second part discusses theories that may provide a basis for analyzing the processes that are relevant for individual learning and collective knowledge construction. We argue that a systems-theoretical constructivist approach is appropriate to examine the processes of educational social media use, namely, self-organization, the internalization of information, the externalization of knowledge, and the interplay of externalization and internalization providing the basis of a co-evolution of cognitive and social systems. In the third part we present research findings that illustrate and support this systems-theoretical framework. Concluding, we discuss the implications for educational design and for future research on learning and collective knowledge construction with social media.