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]