Facebook has received considerable attention in a number of research areas. However, its educational value has not been fully confirmed and results from the mainstream educational paradigms are contradictory. A number of experiences related to the educational use of Facebook as a technology-enhanced learning environment are also flourishing. In these, Facebook has been used as a unique, or at least as one, learning management system tool, or as a platform for educational purposes. This chapter focuses on these issues, providing a wide overview of the current literature on the educational value of Facebook considering both theoretical positions and empirical findings. Furthermore, a few preliminary guidelines about Facebook usage are provided, pertaining to pedagogical, institutional, technological, and ethical issues. The chapter finally provides some hints about emerging trends and areas that deserve further research, such as professional development, academic practice, and location-based learning.