Meaning

noun a small being, human in form, playful and having magical powers

noun offensive term for an openly homosexual man

originFrom Middle English faierie, fairie, from Old French faerie, from fae + -erie, from Latin fāta (“goddess of fate”). Equivalent to fay + -ry. Attested in English from about 1330, in King Alisaunder, first in the sense of "enchantment, illusion, dream" ("that thou herdest is fairye") and shortly thereafter "realm of the fays, fairy-land" and "the inhabitants of fairyland, collectively". The…

Etymology from Wiktionary, CC BY-SA 3.0