best-loved vs favorite

best-loved is not a noun while favorite is a noun.

Word	Noun	Adjective	Verb	Adverb
best-loved	No	Yes	No	No
favorite	Yes	Yes	Yes	No

As adjectives, best-loved and favorite are synonyms defined as:

best-loved and favorite: preferred above all others and treated with partiality

Other synonyms of best-loved include favored, favoured, favourite, pet, preferent, preferred.

best-loved (noun)	favorite (noun)
	something regarded with special favor or liking
	a special loved one
	a competitor thought likely to win

best-loved (adjective)	favorite (adjective)
preferred above all others and treated with partiality	preferred above all others and treated with partiality
	appealing to the general public

best-loved (verb)	favorite (verb)
	To mark an item as a personal favorite on social media