The difference between Fairy and Fey
When used as nouns, fairy means the realm of faerie, whereas fey means fairy folk collectively.
When used as adjectives, fairy means like a fairy, whereas fey means about to die.
check bellow for the other definitions of Fairy and Fey
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Fairy as a noun (uncountable, obsolete):
The realm of faerie; enchantment, illusion.
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Fairy as a noun:
A mythical being with magical powers, known in many sizes and descriptions, although often depicted in modern illustrations only as a small sprite with gauze-like wings, and revered in some modern forms of paganism.
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Fairy as a noun:
An enchantress, or creature of overpowering charm.
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Fairy as a noun (Northern England, US, derogatory, colloquial):
A male homosexual, especially one who is effeminate.
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Fairy as a noun:
A member of two species of hummingbird in the genus Heliothryx.
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Fairy as an adjective:
Like a fairy; fanciful, whimsical, delicate.
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Fey as an adjective (dialectal, or, archaic):
About to die; doomed; on the verge of sudden or violent death.
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Fey as an adjective (obsolete):
Dying; dead.
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Fey as an adjective (chiefly, Scottish, Irish):
Possessing second sight, clairvoyance, or clairaudience.
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Fey as an adjective:
Overrefined, affected.
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Fey as an adjective:
Strange or otherworldly.
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Fey as an adjective:
Spellbound.
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Fey as an adjective:
Magical or fairylike.
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Fey as a noun:
Fairy folk collectively.