You can edit the video thumbnail on Facebook video by clicking on the video page of your Facebook video then click the video you wanted to change the thumbnail and clicking Options, then Edit this video. Then you'll see an edit screen with a Thumbnail selection at the right hand side. Scroll left and right through the (up to 10) thumbnails available until you find your preferred one, then click Save.
Facebook has changed a few things so there is an easier, more direct method. (You still have to select one of the 10 thumbnails offered.)
In Albums, select the Videos album. Find the thumbnail of the video you want to change. Click the "pencil" icon top right and select Edit Video. That goes straight to the screen where you can select 1 of 10 thumbnails.
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