The prevalence of media multitasking has raised concerns regarding its potential impact on cognitive abilities. Despite increasing attention given to this topic, there remains no consensus on how media multitasking is related to cognitive performance. This study aims to shed light on this issue by examining whether and how personality traits and family socioeconomic status (SES) moderate the relationship between media multitasking and reasoning performance. To this end, a large sample of university students (n = 777) completed a battery of measures, including the Raven’s Advanced Progressive Matrices, the Media Multitasking Inventory, the Big Five Inventory, the Barratt Impulsiveness Scale, the Grit Scale, and the Family SES Questionnaire. Results revealed a negative correlation between media multitasking and reasoning performance. However, this relationship was substantially moderated by conscientiousness, extraversion, openness, and family SES. Specifically, media multitasking was more detrimental to reasoning performance among individuals with lower levels of conscientiousness, extraversion, openness, and family SES, whereas it was less detrimental to counterparts with higher levels of these personality traits and family SES. The proposed moderation model, for the first time, not only offers novel insights into the theoretical accounts regarding how media multitasking relates to cognitive abilities, but also identifies the protective factors that may buffer the negative impacts of media multitasking.