Internet marketing is to reach the existing and potential customers, to sell and advertise the products and services via the internet networks. Social media which has emerged along with the development of the internet technologies and effective social communication methods on the internet is a new way of marketing activities. Marketing activities which are committed via the internet networks can also be called social media marketing. In Turkey, as well as in the world, colleges and universities are beginning to embrace the social media, to realize the potential power of it and to use it as a component of their overall marketing mix. This paper will review the existing literature available in this subject area by introducing some popular social media tools such as Facebook, MySpace, YouTube, Flickr, Twitter and Instagram, express what the advantages and disadvantages of using social media in advertising and promotion activities of universities and colleges and suggest some ideas about these implements by giving advice for the marketers.