Nearly every aspect of your Facebook Timeline can be controlled, and your Friends list is no exception. With a quick adjustment to the privacy settings, you can hide it from view on your Timeline.
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Hide Your Friends List
Navigate to your Timeline and scroll to where your Friends list is displayed. Click the pencil icon next to the "Friends" title to edit the list and select "Edit Privacy." Set "Who can see your Friends list?" to "Only Me" to hide it.
Mutual Friends and Other Friends Lists
Limiting privacy on the Friends list hides it from your connections, but it doesn't make it impossible for someone to see your friends. For one thing, a "Mutual Friends" panel displays to any connections who share a friend with you. Moreover, hiding your Friends list does not remove you from any of your friends' Friends lists and, depending on the privacy settings they use, a Facebook user could still determine your connections.
Additional Ways to Enhance Your Privacy on Facebook
Facebook might have a reputation for exposing information about users to the public, but that's only when default privacy settings are used. The site offers powerful privacy controls that can keep your profile hidden from anyone except those you explicitly authorize -- you just have to use the settings. Be sure to visit the Facebook Privacy tab (link in Resources) to configure your privacy settings.