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1.
Usually a picture that is taken, reviewed, and agreed upon as being Facebook worthy. Often accompanied with words like totally, clearly, or sooo not.
"That picture is totally Facebook material."

"Ugh, I look like a bug in that pic... that is definitely not Facebook material."
by Redimade May 11, 2009
 
2.
Information that you don't mind sharing with the rest of the world.

Aka Fb material
Person 1: Hey I think i saw you and Janet the other day in the park.
Person 2: Yeah, keep that within yourself for a while man. Our relation isn't ''Facebook material'' yet.
by tq4zap January 22, 2012