Crisp is set to play in Thursday night's match against Brisbane at the Gabba, a day after the video became public knowledge.
Collingwood said on Wednesday night they had informed the AFL about the video and the league is now investigating as well.
"The AFL confirms Collingwood last night alerted the integrity unit of a video that was circulated on social media featuring player Jack Crisp," the league said in a Thursday statement.
"AFLIU will speak with Crisp in relation to the content next week upon his return from Brisbane."
The video shows a person scrolling through several screenshots of Snapchats, many clearly showing Crisp's bearded face.
Several of the photos appear to show illicit substances.
The last two images are explicit and shows a man standing, but his face is not visible.
There has been no confirmation of how old the content is, or whether those graphic images are of Crisp.
Collingwood were forced to deal with a drugs scandal involving young gun Jack Ginnivan during the pre-season.
Ginnivan was banned for the first two rounds of the season after being filmed taking an illicit substance in the cubicle of a nightclub.
Crisp has played an extraordinary 191 consecutive games dating back to round 18, 2014 when he was with the Brisbane Lions.
The games streak is comfortably the most by a current player, well ahead of Melbourne star Christian Petracca (110), and Crisp is equal-seventh on the all-time list.
Unbeaten Collingwood play the under-fire Lions in an intriguing clash to start round four.
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