Group identity is a critical component in developing effective classroom management. While there have been numerous studies on group identity, they have primarily focused on its effects on the physical classroom entity. Advances in information technology, however, have enabled the creation of virtual communities, which have become a vital channel of communication in classroom management, though there are few systematic collations that explore the effects of virtual communities on classroom management. This study integrates social capital theory and social exchange theory into an integrated research model that examines a Facebook-based virtual classroom community, with an emphasis on group identity formation during social capital exchange via computer-mediated communication. A total of 344 valid questionnaires were obtained and analyzed using structural equation modeling. The results of this study found that the fair and reciprocal exchange of social capital generates affective commitment and emotional support among members maintaining or enhancing the development of social network relations and facilitating the formation of group identity. Finally, this study's theoretical and practical implications for classroom group management are presented.