Although the actual effect of fake news online on voters’ decisions is still unknown, concerns over the perceived effect of fake news online have prevailed in the US and other countries. Based on an analysis of survey responses from national samples (n = 1299) in the US, we found a strong tendency of the third-person perception. That is, individuals believed that fake news would have greater effects on out-group members than themselves or in-group members. Additionally, we proposed a theoretical path model, identifying the antecedents and consequences of the third-person perception. The results showed that partisan identity, social undesirability of content, and external political efficacy were positive predictors of the third-person perception. Interestingly, our findings revealed that third-person perception led to different ways of combating fake news online. Those with a greater level of third-person perception were more likely to support the media literacy approach but less likely to support the media regulation approach. •Individuals showed third-person perception concerning the influence of fake news.•Social undesirability, partisan identity, and efficacy were positive predictors of third-person perception.•Third-person perception leads to support for media literacy intervention to combat fake news.•Third-person perception leads to rejection of media regulation approach.