The new millennium is called Information Age, in which information and communication technologies have been developed. The transfer from industrial society to information society has changed the form and level of education and information from those of the past times. In the past, literacy meant the ability of reading and writing, but today the meaning of literacy has been changed through the time and such a type of literacy is not enough to meet people’s needs in the industrial society of the 21st century. Today’s life requires media and information literacy especially for the students, whose duty is to research and who have a significant role in the development of their country from any perspective. This research aims to study the relation between the media literacy and information literacy of the students of the fields of communication science and information science and knowledge. This is an applied research in terms of its objective and uses a survey-correlation method. The statistical population of this research consists of the postgraduate students studying in the fields of study of information science and knowledge and communication science at Tehran University and Allameh Tabatabai University. The data required for this research were collected by a researcher-made questionnaire. The reliability of the questionnaire has been evaluated by Cronbach’s Alpha, which was equal to 0.936. The data were analyzed using descriptive and inferential statistic methods. The results showed that the level of media literacy and information literacy of students is desirable. There is a significant relationship between the economic status of students and their media literacy. However, the social status of students was directly related to their "ability to communicate" variable of media literacy. Also the Pearson correlation test showed a significant relationship between the variables of media literacy and information literacy.