With the rapid development of the Internet and the great popularity of social media, as a new phenomenon of language variation, Internet buzzwords have become an important symbol of modern language by virtue of their unique generation mechanism and transmission path. Based on the language variation theory, this paper studies the variation characteristics and manifestations of Internet buzzwords from four aspects, including vocabulary, phonetics, grammar, and semantics. This paper also explores their generation mechanisms and social impacts, providing theoretical references for regulating the culture of contemporary youth. Studies have found that the variations of Internet buzzwords in terms of vocabulary, pronunciation, grammar, and semantics all contain different forms, and the variation of Internet buzzwords is an inevitable manifestation of the orderly and heterogeneous development of language. Meanwhile, it not only injects new vitality into the modern Chinese vocabulary system and expression patterns, but also poses challenges to traditional language norms and education. The study on the language variations of Internet buzzwords not only provides a better understanding of the changes and developments of Internet buzzwords, but also holds significant theoretical value and practical guiding significance for the healthy, innovative development of the modern Chinese language in the new era.