Internet users are bombarded with information and need strategies to evaluate its trustworthiness. Expert fact-checkers rely on lateral reading, which involves investigating sources, finding better coverage, and tracing information back to original contexts. This study contrasted college students' preference for and use of lateral reading to evaluate online content, and examined factors associated with variation in preference and use. Undergraduates (N = 483) often selected lateral reading as the preferred strategy for evaluating content (multiple-choice items) without demonstrating use of lateral reading (open-response tasks). Use of lateral reading was associated with higher Wikipedia knowledge, algorithm awareness, and reading comprehension; preference was associated with higher reading comprehension. Lower rates of lateral reading were observed on source investigation problems. Students with higher Wikipedia knowledge showed greater preference for reading laterally to investigate sources. Findings suggest that media literacy curricula should provide students with opportunities to practice acting on their preferences for lateral reading strategies, while also taking into account their attitudes about Wikipedia, algorithm awareness, and reading comprehension.