The social network will reduce the number of ad units from 27 to fewer than half that over the next six months, after realising "many of them accomplish the same goals".
Standalone products that have already been lined up for the axe include "sponsored stories", "questions" and "offers".
Marketers will now be able to create a Page post photo ad that automatically adds "social context" (see image) in order to eliminate the extra step of creating and paying for sponsored stories.
The new ads with social content layered on top will be launched in the autumn. The move comes after research from Nielsen, comScore and Datalogix showed social context improves return on investment.
Fidji Simo, product manager at Facebook, said in a blog post: "Over the past year, we have been gathering feedback from marketers [and] one point we heard loud and clear is we need to simplify our product offering.
"As the services we provide to marketers have grown, so have our new products; while each product may be good on its own, we realised that many of them accomplish the same goals."
Facebook will also attempt to make ad units look more consistent to enable a simpler ad creation process for brands who run multiple campaigns.
Changes are also designed to optimise campaigns across desktop and mobile by providing a consistent look and feel.