Background The Internet is a primary source of health information for many. Since the widespread adoption of social media, user‐generated health‐related content has proliferated, particularly around long‐term health issues such as diabetes and common mental health disorders (CMHDs). Objective To explore perceptions and experiences of engaging with health information online in a sample of young adults familiar with social media environments and variously engaged in consuming user‐generated content. Methods Forty semi‐structured interviews were conducted with young adults, aged 18–30, with experience of diabetes or CMHDs. Data were analysed following a thematic networks approach to explore key themes around online information‐seeking and content consumption practices. Results Although participants primarily discussed well‐rehearsed approaches to health information‐seeking online, particularly reliance on search engines, their accounts also reflected active engagement with health‐related content on social media sites. Navigating between professionally produced websites and user‐generated content, many of the young adults seemed to appreciate different forms of health knowledge emanating from varied sources. Participants described negotiating health content based on social media practices and features and assessing content heuristically. Some also discussed habitual consumption of content related to their condition as integrated into their everyday social media use. Conclusion Technologies such as Facebook, Twitter and YouTube offer opportunities to consume and assess content which users deem relevant and useful. As users and organizations continue to colonize social media platforms, opportunities are increasing for health communication and intervention. However, how such innovations are adopted is dependent on their alignment with users' expectations and consumption practices.