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People often compare themselves to others to gain a better understanding of the self in a process known as social comparison. The current study discusses how people engage in a social comparison process on Facebook, and how observing content from their Facebook friends may affect their emotions. A 2 (comparison direction) × 2 (relational closeness) × 2 (self‐esteem) between‐subjects experiment was conducted with 163 adult participants. The results revealed a significant 3‐way interaction such that people with high self‐esteem would be happier receiving positive information than negative information from their close friends, but the effect would be the opposite if the information was from a distant friend. There was no such difference for people with low self‐esteem.