preferred vs favorite

preferred is not a noun while favorite is a noun.

Word	Noun	Adjective	Verb	Adverb
preferred	No	Yes	No	No
favorite	Yes	Yes	Yes	No

As adjectives, preferred and favorite are synonyms defined as:

preferred and favorite: preferred above all others and treated with partiality

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

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

preferred (adjective)	favorite (adjective)
more desirable than another	preferred above all others and treated with partiality
preferred above all others and treated with partiality	appealing to the general public

preferred (verb)	favorite (verb)
	To mark an item as a personal favorite on social media