It is currently being rolled out to users and will be completely available within a short time period. This feature once live will be accessible on the web as well as in mobile apps through the menu.
As Facebook puts it:
“On This Day shows content from this date in the past. For example, you might see past status updates, photos, posts from friends and other things you've shared or been tagged in – from one year ago, two years ago, and so on. Only you will see this content unless you decide to share it with your friends.”
To check if this feature is available, users can visit facebook.com/onthisday, find it via search option in Facebook or tapping or clicking a new bookmark.
The newsfeed will show the ‘On This Day’ item then. You can then subscribe to a reminder as a daily notification if you want to check out what happened on the current date.
Where there are good memories there are bound to be bad ones too, especially embarrassing ones as is the case with the teenagers and young adults. So Facebook has taken some precautions to avoid any painful nostalgic ride to its users by trying not to surface painful memories such as past relationships which might have changed over the years or the death of someone.
The fun part is that 'On This Day' will potentially and hopefully embarrass many. Especially embarrass the hell out of all the die-hard fans of a particular musical goof. Yes I am pointing at all you Justin Beliebers! Have an embarrassing trip, you all deserve it.