Media Psychology is known as an area of study within psychological studies and now a day as a part of media and cultural studies that deal with the social, cultural and psychological aspects of mass media. As an interdisciplinary stream of study, media psychology is influenced by the approaches and practices taking place in media and cultural studies. This manuscript looks media psychology as an application of theories, concepts, methods, approaches and instruments to study the media environments, including philosophical, aesthetic, literary, historical, psychological, sociological, anthropological, political, economic and scientific investigations, as well as, applied, professional and pedagogical perspectives. The study also makes an in-depth analysis of the interaction taking place between various academic and applied aspects of psychology and multitude of media focusing on how media affects or influences the psychology of people, how people think and relate, how it affects values or beliefs, and how it shapes leisure and work time.