Timeline, announced back in September by Facebook founder Mark Zuckerberg at the F8 Conference, offers you a way to post, rediscover and share the important moments in your life through the social network.
Facebook users can upgrade to Timeline from today, marking one of the biggest changes to the design and functionality of Facebook in its history.
In response to concerns over privacy policies on the social network, Facebook has geared the upgrade so that users have a seven-day period to review everything that appears on their Timeline before anyone else can see it.
After that period, the Timeline will automatically replace your previous profile, although any stories and photos will remain stored where you left them.
Your Timeline can feature whatever you want, such as graduation, or first car, but moments that you'd rather be kept away from the public gaze can be removed or hidden.
A "view as" function enables you to preview your Timeline as it appears to specific friends, or the public, enabling changes to be made.
A privacy drop-down adjusts who can see particular posts, or you can pick the 'only me' option for items you want to keep and not be seen by others.
To feature something on your Timeline, you just roll over the item and click the 'star' to expand it to two columns. Or you can click the 'pencil' to hide, delete or edit a post.
Timeline also features a new tool called Activity Log, which is a place to review all your previous posts and activity, right back to when you first started using Facebook. This will only ever be seen just by you.
"Millions and millions of people have spent years curating the stories of their lives, and today there's just no good way to share them," Zuckerberg said while announcing the new format in September.
"We think this is a real problem, and we think that we have the solution."
As well as online, Timeline is also now available on the Facebook Android app and on the mobile site. Facebook said that it will continue to improve Timeline "over the next few months".
Watch a video introducing Timeline below: