This study provides an updated critical review of the literature on Facebook as a technology‐enhanced learning environment based on papers published between 2012 and 2015. It adopts a revised classification of the categories identified in a previous study, which emphasized three main Facebook affordances – mixing information and learning resources, hybridization of expertise and widening context of learning. The aim is to investigate to what extent studies using Facebook as a learning environment exploited these affordances. Literature has been also analysed according to three types of educational use of Facebook – formal use in formal learning settings (FUF), informal use in formal learning settings (IUF) and use in informal learning settings (UI) – to highlight if and how Facebook affordances have been exploited in these learning settings. Literature search identified 147 articles published in peer‐reviewed journals. The results show that most of the articles can be classified as dealing with FUF (N = 69; 46.9%) or as IUF (N = 68; 46.3%); only a minority concerns the UI (N = 10; 6.8%). Overall, the study found that Facebook pedagogical affordances are still partially implemented, although different types of educational use of Facebook exploit these affordances to different degrees. It also provides indications for future research. Lay description What is currently known about the subject matter: Facebook still stands as the most popular social network site There is an abundant research literature on Facebook Studies on the educational value of Facebook have grown exponentially in the last years A review on Facebook as a technology‐enhanced learning environment was published in 2013 What this paper adds: This study is an update of the critical review published in 2013 It takes into account studies published between 2012 and 2015 It refines the methodology adopted in the 2013 review It introduces a classification of educational uses of Facebook according to the formal/informal continuum Implications of study findings for practitioners: Facebook is still mostly considered as an open alternative to traditional learning management systems Facebook pedagogical affordances are still partially implemented Teacher guidance and forms of assessment are claimed according to degrees of formality and informality Cultural issues in the use of Facebook in education should be further investigated