Analytical thinking safeguards us against believing or spreading fake news. In various forms, this common assumption has been reported, investigated, or implemented in fake news education programs. Some have associated this assumption with the inverse claim, that distractions from analytical thinking may render us vulnerable to believing or spreading fake news. This paper surveys the research done between 2016 and 2022 on psychological factors influencing one’s susceptibility to believing or spreading fake news, considers which of the psychological factors are plausible distractors to one’s exercise of analytical thinking, and discusses some implications of considering them as distractors to analytical thinking. From these, the paper draws five conclusions: (1) It is not analytical thinking per se, but analytical thinking directed to evaluating the truth that safeguards us from believing or spreading fake news. (2) While psychological factors can distract us from exercising analytical thinking and they can also distract us in exercising analytical thinking. (3) Whether a psychological factor functions as a distractor from analytical thinking or in analytical thinking may depend on contextual factors. (4) Measurements of analytical thinking may not indicate vulnerability to believing or spreading fake news. (5) The relevance of motivated reasoning to our tendency to believe fake news should not yet be dismissed. These findings may be useful to guide future research in the intersection of analytical thinking and susceptibility to believing or spreading fake news.