And as part of the celebration, Facebook will be launching a special feature called "Facebook Stories," which will be a collection of short tales about users who have had their lives changed by Facebook.
The company is currently accepting submissions for their Stories feature; stories that receive the most Likes could be included in the final product, reports englishnews.cn.
As well, Facebook recently announced that it had reached a milestone of 150 million mobile users, an increase of approximately 50 percent since April's 100-million-mobile-user measurement.
"As we anticipated our 500-million milestone, and we wanted to find a different way to announce and celebrate it," said Facebook's Randi Zuckerberg, Director of Marketing, in an interview with Swisher.
"In the past, it's been all about the numbers and milestones and we realized we had never taken the opportunity to celebrate users," he added.