Quick answer
Fay is a boy/girl name meaning "fairy".
Meaning and history
In part from the English word fay meaning "fairy", derived from Middle English faie meaning "magical, enchanted", ultimately (via Old French) from Latin fata meaning "the Fates". It appears in Geoffrey of Monmouth's chronicles in the name of Morgan le Fay. In some cases it may be used as a short form of Faith. It has been used as a feminine given name since the 19th century. As a rarer (but older) masculine name it is probably derived from a surname: see Fay 1 or Fay 2.
Notes and context
Usage: english