The Internet is transforming the way people communicate, and it has revolutionised the way we interact and share information by allowing people all over the world to connect instantly. Today social media is a hub of harmful and vicious debates, and around two billion people utilise social media platforms (including Facebook, Twitter, YouTube, Instagram, and Snapchat) to communicate and connect with one another by creating and sharing content. Among these social media sites combating hate speech and false news has become a major concern for governments throughout the world, and hate speech control has proven to be a difficult undertaking. The anti-hate speech statute is being challenged because it interferes with an individual's right to free speech and expression. In practice, the law constantly walks a razor-thin edge between regulation and total limitation. Hate speech is continuing on the rise, despite the adoption of harsh restrictions. Social media platforms make it easier to share information at the same time; people are subject to misinformation and hostile and divisive content being transmitted through the channels by bad actors. The utility of social media platforms must be aligned with the well-being of citizens, along with that right to free speech must also be protected. Most social media firms' business models are based on attracting attention, and because unpleasant speech frequently attracts attention, it can become more visible on social media than it could on traditional media, and this has created a platform for hate speech and false news, and it has affected society's functioning to a larger extent. The misuse of social media platforms has created a negative impact on economic, psychological, and political aspects and the consequences are both online and offline, and the outcome is violence. This paper aims to examine the take of people on the “Free Speech via Social Media” issue and also, examines the legal provisions on hate speech and also recommends measures to combat hate speech and fake news on the Internet.