The updated policy would mean ads could be created using the names and profile pictures of Facebook users.
Many members of the huge social media network have been critical of the proposed change.
The delay comes soon after six consumer and privacy groups asked the US Federal Trade Commission to look into Facebook's plans.
"We are taking the time to ensure that user comments are reviewed and taken into consideration to determine whether further updates are necessary and we expect to finalise the process in the coming week," the network said in a statement given to the LA Times.
Once updated, the policy will make it clear when users have given Facebook blanket permission to use their likenesses, names and personal information to endorse products and services.
Facebook undertook to change the wording in the wake of a legal action launched in 2011 which saw it pay $20m (£13m) to compensate users who claimed it had used their data without explicit permission.
However, the clarification has led many Facebook users to object and led to calls for a formal investigation from consumer groups.
Six organisations, including the Electronic Privacy Information Center, the Center for Digital Democracy and the Privacy Rights Clearing House, have written to the FTC filing their own complaints about the policy.
In a letter to the FTC, the groups said the move was a "major setback for the privacy rights of Facebook users". They urged the FTC to act and ensure users kept control of what was done with their data on social media. The FTC has declined to comment on the letter or whether it would prompt any action.