The announcement comes after Facebook revealed it will be revamping its news feed.
Storylane is a blogging website that allows users to share stories. Community members can share photos, links, articles and other content.
The Storylane team will join Facebook but community members will be able to move their content to other services if needed.
"This is an exciting opportunity," said Jonathan Gheller, CEO of Storylane. "Facebook's mission of connecting the world has always been at the center of our work, and like our friends at Facebook, meaningful connections are what our team is most passionate about."
Storylane points out, however, that Facebook will not be receiving any data about Storylane members.
"I can confirm that Facebook is not acquiring any of your data; and we're working to make sure you can migrate your content in a manageable way," added Gheller.
Facebook is currently revamping its news feed in an effort to reduce clutter and focus on stories that are more relevant to each user.
The social network says that photos, music, and liked pages will each have individual news feeds.
"You see all the stories you saw in your News Feed before, but with a fresh new look," said Facebook in a statement. "We've completely rebuilt each story to be much more vibrant and colorful and highlight the content that your friends are sharing. Photos, news articles, maps and events all look brighter and more beautiful."
The new design will be more similar to the look of its mobile offering.
The social network has been doubling its efforts to become more mobile after admitting to investors before going public that it was struggling with mobile.
More than half of Facebook's 1 billion users now access the site predominantly through mobile.
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