faerie vs fairyland

faerie and fairyland both are nouns.

Word	Noun	Adjective	Verb	Adverb
faerie	Yes	No	No	No
fairyland	Yes	No	No	No

As nouns, faerie and fairyland are synonyms defined as:

Other synonyms of faerie include faery.

faerie (noun)	fairyland (noun)
the enchanted realm of fairies	something existing solely in the imagination (but often mistaken for reality)
a small being, human in form, playful and having magical powers	the enchanted realm of fairies