Used as nouns and adjectives, the meanings are as follows:
(adjective)
Favorable, beloved, fond of, doting on
(noun)
A close friend, a trusted person, a favored person
A favorite person or thing, a favorite person, a pet
Bilingual example
1. ? He stared at his favourite child, dismayed, filled with fear. ?
He stared at his favorite child in amazement, filled with fear.
2. Michael Fish is my favourite. He's a hoot, a real character. ?
I like Michael Fish best. He is funny and funny, and he is a real person.
3. Atlantic City is the hot favourite to stage the fight. ?
It is widely expected that this boxing match will be held in Atlantic City.
4. The Martell Cup Chase was won by the evens favourite Toby Tobias. ?
Toby tobias, the most favored gambler of the same amount, won the martel Cup chase.
5. Surprise a new neighbour with one of your favourite home-made dishes. ?
Make a famous home-cooked dish and surprise your new neighbor.