With the increasing availability of electronic devices, social media platforms are pervasive in adolescents' lives. Much of adolescents' peer interactions occur virtually--to the point that the line between online and off-line relationships has become blurred. This article aims at sharing starting points with researchers who are in the initial stages of incorporating social media into their program of research on peer relationships in the context of adolescent development. We first present promising theoretical frameworks to contextualize research questions on this topic, and we then provide an overview of empirical work documenting the motivations for adolescents to use social media, followed by risks of social media use for adolescents' well-being. Last, as we propose directions for future research, we highlight novel realities that have emerged from the social media, and we suggest methodological approaches to deepen our understanding of adolescents' peer relationships and adjustment in the social media era.