favorite vs best-loved

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

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

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

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

Other synonyms of favorite include favored, favoured, favourite, pet, preferent, preferred.

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

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

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