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The Collaborative International Dictionary
fairy story

fairy tale \fairy tale\ n.

  1. a story about magical or mythological creatures, such as fairies, elves, goblins, trolls, orcs, unicorns, wizards, dragons, etc., usually composed for the amusement of children; called also a fairy story.

  2. a false story intended to deceive or mislead, especially one involving unlikely events or situations; called also a fairy story.

WordNet
fairy story
  1. n. a story about fairies; told to amuse children [syn: fairytale, fairy tale]

  2. an interesting but highly implausible story; often told as an excuse [syn: fairytale, fairy tale, cock-and-bull story, song and dance]