Current societies are based on huge flows of information and knowledge circulating on the Internet, created not only by traditional means but by all kinds of users becoming producers, which leads to fake news and misinformation. This situation has been exacerbated by the pandemic to an unprecedented extent through social media, with special concern among young people. This study aims to provide significant data about the youngest generation in Spain (Generation Z) regarding their media and information consumption, their social network use, and their relationship with fake news, all in relation to the feeling of reliability/trust. Focusing on a convenience sample of 408 young Spanish students from Generation Z aged 18 to 22, a descriptive exploratory study is presented. Data collection was performed with an adapted questionnaire. Results show that young Spanish people use networks for information, showing a surprising lack of trust in social networks as the media they consume the most. The content they consume the most since the occurrence of COVID-19 is related to politics, entertainment, humor, and music. On the other hand, distrust of politicians, media, and journalists is evident. The conclusion is that media literacy is still more necessary than ever, but with the added challenge of mistrust: maybe it is time to rethink media literacy.