The Cauchy problem of the fractional Benjamin-Bona-Mahony equation with exponent ∈ (1, 2] on the real line is studied. First, some bilinear estimates for the fractional Benjamin-Bona-Mahony are proved, and the estimates are shown to be sharp by providing counter-examples. Second, the local well-posedness in H s with s ≥ max{0, 3 2 − } is proved by the contraction principle. Finally, the local solution is extended to a global one by the I-method. The well-posedness result turns out to be sharp and fills the gap between the results in Discrete Contin. Dyn. Syst, 23 (2009) 1253-1275 and that in Discrete Contin. Dyn. Syst., 30 (2011) 253-259.