A fairy in a dream usually represents your playful, spontaneous side. Dreaming about a fairy can mean that you need to forget about day to day problems for a while and enjoy the fun things in life. It can mean that you need to get in touch with your inner child.
Because fairies are capricious beings, if you dream about a fairy, your dreaming mind could be telling you that it is time for you to make a change in your life or to take a risk. Your dream could also be a message that it is time to start focusing on a goal.
Dreaming about a fairy godmother can be a sign that you need to be protected. A fairy godmother in your dream can symbolize a wise part of yourself that is providing you with good advice.
If you dream about a mischievous fairy or elf, you might believe that someone is behaving mischievously toward you, or you could be feeling mischievous yourself.