The Socialist premier has been an outspoken voice about the sector and his latest intervention comes as a fierce debate surrounding social media and their wealthy owners intensifies.
Concern about conflicts of interest have surged after X owner Elon Musk, the world's richest person, helped propel Donald Trump to a second term in the White House and waded into European politics.
Social media now has "huge downsides, hidden in the bowels of the algorithms like invaders concealed in the belly of a Trojan horse", Sánchez said in English at the World Economic Forum in Davos, Switzerland.
Sánchez said social media users must link their accounts to a form of ID to crack down on misinformation, hate speech, harassment and bots that proliferate under the cover of anonymity.
All platforms should link every account to a "European digital identity wallet" to hold potential criminals responsible, he continued.
Regulators should be able to "force open the black box of social media algorithms" and "tycoons should be held responsible if their algorithms poison our society," Sánchez said.
"Let's stop those who want to turn them (digital platforms) into a weapon for dismantling our democracies... let's make social media great again," he concluded, in a play on Trump's campaign slogan "Make America Great Again".
Sánchez has already accused Musk of attacking Europe's democratic institutions and "stirring up hatred".
On Monday he urged Europe to fight back against a new tech "caste" seeking to control Western governments through their social media platforms.
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