Addiction is an extreme craving for and commitment to something, physically or psychologically. Currently, addiction to social media is the main emerging technology addiction, especially among the young generation. The main aim of the current study was to evaluate the status of Facebook addiction and its relation to academic performance and other correlates among university students. A cross-sectional study was conducted among 422 students from December 1-30, 2021, and Facebook addiction was examined with the Bergen Facebook Addiction Scale (BFAS). The Rosenberg Self-Esteem Scale (RSES), Hospital Anxiety and Depression Scale (HADS), and Study Habit Questionnaire (SHQ) were employed to assess self-esteem, anxiety and depression symptoms, and study habits, respectively. Systematic random sampling was used to recruit the subjects, and the data were analyzed by SPSS version 23.0. Statistics such as percentages, frequencies, mean ± SD, and mean differences were calculated. Multiple regression analysis was performed, and all the required assumptions were checked. The statistical significance was declared at a p-value < 0.05 and a 95% CI. Results revealed that, the mean age of the students was 23.62 (SD = ±1.79) and 51.6% of the participants were male. The majority of the participants were addicted to Facebook, and Facebook addiction was positively linked with factors like lower academic achievements and the symptoms of anxiety and depression. In conclusion, Facebook addiction was found to be higher among study participants, and it is negatively affecting their academic performances. Similarly, it was associated with affected mental well-being and reduced self-esteem. It is better for the legislative body of the university to put firm policies in place for promoting safe use and reducing the detrimental effects of this problem among students.