Fairy

A fairy or færie (Old English spelling) is a supposed magical being that flies in the air. They are usually depicted as tiny girls or women. Some fairies have certain jobs, such as the Tooth fairy, who gives money or treats under the pillow of small children who have had a tooth fall out. 

In literature
A fairy tale is a story with a plot involving fairies. These stories are usually for children. Fairies come up in many fictional books such as "Peter Pan" and "The Spiderwick Chronicles".

In folklore
Fairies can also be found in folklore. For instance, in Ireland and Scotland, fairies are thought of as creatures that were defeated by the human race thousands of years ago and now live in caverns in the world of Faerie.  Sometimes fairies are believed to be a kind of angel. Other times, they are believed to be demons or spirits of the dead. Fairies are said to steal human babies and replace them with Changelings.

In Other Media
in Hyrule Warriors there is a playable fairy known as the Great Fairy.