Fear of missing out (FoMO) is an emotional, psychological, intellectual, and physical feeling of deprivation or exclusion from an event. This paper aims at finding key factors and sub-factors responsible for FoMO among social media users. The survey data for conducting factor analyses and structural equation modeling (SEM) was collected from heavy and moderate users of social media. It analysed the role of gratification, popularity, and acceptance in social media users in the FoMO phenomenon. The factor analyses gave the final construct impacting FoMO. The study highlighted the agenda for future researchers in the given domain.