Social networks have both positive and negative effects as a double-edged sword. However, previous studies have mostly focused on the positive effects of social networks, whereas the negative effects have received less scrutiny and need to be tapped empirically. In this quantitative study, we investigate the multiple effects of social networks, including positive instrumental, positive sentimental, negative instrumental, and negative sentimental effects, using data from the 2020 Urban and Rural Community Survey in China (N = 19,585). The results showed that the four types of effects were manifested during the coronavirus disease 2019 (COVID-19) pandemic and were dominated by positive effects. More importantly, social networks can significantly shape individual subjective well-being and social trust. As positive effects, transmitting epidemic information and providing psychological comfort significantly protect subjective well-being and enhance social trust. However, as negative effects, spreading rumors and conveying negative emotions can significantly detriment subjective well-being and undermine social trust. In this regard, future research needs to pay special attention to the double-edged sword effect of social networks to more comprehensively understand the effect of multiple pathways of interpersonal social networks on individuals' subjective well-being and life opportunities.
