The current study explores the students’ behavioral intention to use social media and actual social media use in higher education, specifically the perception of their academic performance and satisfaction. The study is theoretically based on the technology acceptance model (TAM) with evaluation information system success models (ISSM). Theoretically, five independent constructs were identified as contributory to behavioral intention to use social media, and actual social media use towards the students’ satisfaction and performance impact was analyzed. A questionnaire survey based on the technology acceptance model (TAM) and information system success model (ISSM) was utilized as the key method for collecting data and disseminated to 1200 students from four public universities of Malaysia chosen through a random sampling technique. For data analysis, the SPSS and structural equation modeling (SEM-Amos) were used. Outcomes obtained from the students’ behavioral intention to use and actual social media usage indicates a positive and constructive influence on satisfaction and academic performance in higher education. In addition, both male and female students were satisfied with perceived usefulness (β = 0.095, t-value = 3.325, p < 0.001 and β = −0.045, t-value = −2.079, p < 0.001, respectively), perceived ease of use (β = 0.108, t-value = 3.29, p < 0.001 and β = 0.307, t-value = 12.365, p < 0.001, respectively), perceived technology fit (β = 0.14, t-value = 4.769, p < 0.001 and β = 0.277, t-value = 12.358, p < 0.001, respectively), information quality (β = 0.108, t-value = 3.825, p < 0.001 and β = 0.109, t-value = 5.087, p < 0.001, respectively), and system quality (β = 0.232, t-value = 7.573, p < 0.001 and β = 0.176, t-value = 7.429, p < 0.001, respectively). Therefore, we encourage students to use social media for educational purposes and encourage more interactions with peers at higher education institutions. The study’s empirical findings present strong support for the integrative association between the TAM and the ISSM in using online learning platforms to improve students’ academic achievements and satisfaction. This could help decision makers in universities, higher education institutions, and colleges to plan, evaluate, and implement online learning platforms in their institutions.