Going beyond the limitations of technology, time, and platform lifecycles, achieving long‐term preservation of social media collective memory is an important issue. As a social action involving multiple stakeholders, social media preservation faces a complex problem space. Taking China as an example, this study revealed, from the perspective of stakeholders, the underlying logic of cultural, ethical, legal, and other issues that social media preservation encounters, namely, the tension arising from differences in stakeholders' interests and power inequalities. We specifically investigated and analyzed five categories of stakeholders and revealed six tensions among them in the power/interest matrix. In the final discussion, we analyzed what proactive and inclusive preservation actions should be. Our research not only contributes to the development of theories for social media preservation in information science but also provides clues for state regulators and memory institutions to make responsible and inclusive decisions.