This article examines the influence of communication in social networks on norms, on the development of lexical composition of the modern English language. Language is continuously enriched at the lexical level. One of the examples of the development of any language is the process of the emergence of new words - neologisms. The relevance of the work lies in the fact that currently the English language is experiencing a real "neological boom". The research purpose is to study the trends of word formation of new words in English language under the influence of social networks use, to identify and characterize the most productive word–forming means. The study analyzed Instagram, Facebook, Twitter and neologisms that have appeared in the English language over the past 10 years. These social networks are one of the most productive sources of neologisms. There are a plenty of people sitting in them, which is a good prerequisite to generate new words rapidly. In the course of the study, various linguistic research methods were used, such as: analysis of scientific literature, descriptive method involving observation of language processes and word-formation analysis. The material for the study was Instagram, Facebook, Twitter, as well as neologisms and abbreviations used in social networks, processed by continuous sampling method. The results of work showed that the Internet, including social networks, is an inexhaustible source for the neologisms' formation in modern English. Study of the latest neologisms allows to see a native speaker's current life state. The practical significance lies in the fact that the study materials can be used in writing textbooks on the lexicology modern English, special courses on the English neology. The scientific novelty of the study presents a number of particular observations and conclusions made as a result of the analysis of specific material.