A growing body of research has examined the potential effects of the Fear of Missing Out (FoMO) whereby the Fear of Missing Out Scale has become the most popular measure for assessing the construct. However, there is ambiguity regarding FoMO’s conceptualization and dimensionality. Employing a large representative sample (N = 2,041), this study provides direct empirical support for the conceptualization of FoMO as a second-order construct with two underlying dimensions, i.e., “pervasive apprehension” and “desire for connection”, each with distinct relations with variables that have been theoretically linked with FoMO. More specifically, problematic social media use, deficits in needs satisfaction, and neuroticism are more strongly correlated with “pervasive apprehension”, while social media use and extraversion are more strongly correlated with “desire for connection”. As such, this study contributes to future research as it offers a new perspective on the FoMO construct by showing the importance of giving adequate consideration (statistically and conceptually) to the structure of the construct and how the two dimensions relate to other constructs of interest.