The Collaborative International Dictionary of English v.0.48:

Favorite \Fa"vor*ite\, n. [OF. favorit favored, F. favori, fem.
   favorite, p. p. of OF. favorir, cf. It. favorito, frm.
   favorita, fr. favorire to favor. See Favor.]
   1. A person or thing regarded with peculiar favor; one
      treated with partiality; one preferred above others;
      especially, one unduly loved, trusted, and enriched with
      favors by a person of high rank or authority.
      [1913 Webster]

            Committing to a wicked favorite
            All public cares.                     --Milton.
      [1913 Webster]

   2. pl. Short curls dangling over the temples; -- fashionable
      in the reign of Charles II. [Obs.] --Farquhar.
      [1913 Webster]

   3. (Sporting) The competitor (as a horse in a race) that is
      judged most likely to win; the competitor standing highest
      in the betting.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Favorite \Fa"vor*ite\, a.
   Regarded with particular affection, esteem, or preference;
   as, a favorite walk; a favorite child. "His favorite
   argument." --Macaulay.
   [1913 Webster]

WordNet (r) 3.0 (2006):

favorite
    adj 1: appealing to the general public; "a favorite tourist
           attraction" [syn: favorite, favourite]
    2: preferred above all others and treated with partiality; "the
       favored child" [syn: favored, favorite(a),
       favourite(a), best-loved, pet, preferred,
       preferent]
    n 1: something regarded with special favor or liking; "that book
         is one of my favorites" [syn: favorite, favourite]
    2: a special loved one [syn: darling, favorite, favourite,
       pet, dearie, deary, ducky]
    3: a competitor thought likely to win [syn: front-runner,
       favorite, favourite]

Moby Thesaurus II by Grady Ward, 1.0:

63 Moby Thesaurus words for "favorite":
   accepted, acclaimed, admired, admitted, adored, advocated,
   applauded, approved, backed, beloved, cherished, choice, chosen,
   cosset, cried up, darling, dear, dearly beloved, entry, esteemed,
   favored, fondling, held dear, highly touted, ideal, idol,
   in good odor, jewel, loved, matinee idol, minion, mudder, pet,
   pick, picked, plate horse, plater, pole horse, pony, popular,
   precious, preference, preferred, prized, race horse, racer,
   received, recommended, revered, selected, spoiled child, stable,
   stake horse, staker, starter, steeplechaser, string, supported,
   treasured, well-beloved, well-liked, well-thought-of,
   white-haired