Users will soon have a "Watch" tab on their feeds, where they can easily discover a range of shows, from comedy or reality to live sport.
They will also be able to create "watchlists", see what their friends are viewing, and communicate with other people interested in the same videos.
There will be sections such as "Most Talked About", which highlights shows that spark conversation, and "What's Making People Laugh".
Some of the shows will be funded by the social network, particularly if they are "community-orientated".
In a post on his own Facebook page, founder and chief executive Mark Zuckerberg said: "Watching a show doesn't have to be passive. It can be a chance to share an experience and bring people together who care about the same things.
"That's why today we're launching the Watch tab in Facebook. A place where you can discover shows your friends are watching and follow your favourite shows and creators so you don't miss any episodes.
"You'll be able to chat and connect with people during an episode, and join groups with people who like the same shows afterwards to build community."
The new feature will be rolled out in the US to begin with, before being extended.
It will face competition from traditional TV networks, as well as online services such as Netflix and YouTube.
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