Despite its continuing popularity as the social network site par excellence, the educational value of Facebook has not been fully determined, and results from the mainstream educational paradigms are contradictory, with some scholars emphasizing its pedagogical affordances (e.g., widening context of learning, mixing information and learning resources, hybridization of expertise) and others cautioning against its use for educational purposes. Moreover, systematic reviews about documented educational usage of Facebook as a learning environment are lacking. This article attempts to provide a critical overview of current studies focusing on the use of Facebook as a technology‐enhanced learning environment, with the aim of exploring the extent to which its pedagogical potential is actually translated into practice. Only empirical studies published in peer‐reviewed academic journals with a specific focus on Facebook as a learning environment have been considered for the review. The authors conducted a comprehensive literature search that identified 23 relevant articles that were subsequently analysed according to a simplified list of guidelines. These articles were further analysed and recoded through a set of emerging categories. The results show that pedagogical affordances of Facebook have only been partially implemented and that there are still many obstacles that may prevent a full adoption of Facebook as a learning environment such as implicit institutional, teacher and student pedagogies, and cultural issues. Finally, a broad observation on the implications of the study is developed with some suggestions for future research.