One expert said it was a bold experiment, but others were more cynical about how much difference they would make.
In a blog announcing the oversight board, Facebook said it "represented a new model of content moderation".
Initially consisting of 16 members, there are plans to expand numbers to 40. It will begin hearing cases later this year.
At first this will just be deliberating on content that individuals feel has been wrongfully removed but, in following months, it will also look at appeals from users who want Facebook to remove content.