In the recent years, consumers are increasingly engaging in dynamic interactions with their preferred brands through online brand communities. Although Facebook has been commonly used as the social media platform for online brand communities, less is known with respect to the success factors for these brand communities. This study examines the nature of peer‐initiated brand communities by proposing and testing a conceptual framework that encompasses brand community identity, brand community engagement, brand love, and brand loyalty. The study investigates the dimensions of brand community identity and engagement, namely the affective and cognitive dimensions, and the moderating effect of brand community involvement. A total of 205 respondents were recruited via the Facebook social media platform of a peer‐initiated brand community. The results show that brand community identity affects brand community engagement for both affective and cognitive dimensions, with cognitive engagement predicting brand love. The moderating role of brand community involvement and the positive relationship between brand love and loyalty are confirmed. The findings contribute to knowledge and practice by highlighting the factors that can strengthen a brand's social media presence and consumer‐brand relationships.