Something that is very good or favorable, one might say your favorite. Used as an adjective. Originated from the Chuckle Sandwich podcast in which Ted Nivison told a story about his childhood stuffed animal “favorite puppy.” Can also be used in the context of “least favorite puppy,” which means the opposite.
Person A: It’s my birthday today!
Person B: Dude, that’s favorite puppy. I wish I could say the same, my dog died this week and it was least favorite puppy.
Favorite Puppy is what psychopaths name their beanie babies or a common phrase used to refer to something good or that you like.
Ted: When I was a kid I had a stuffed animal, yeah.
Charlie: What was his name?
Ted: It was a... I think it was a beanie baby and its name was favorite puppy.
Schlatt: You named your stuffed animal "Favorite Puppy?"
Charlie: Are you a sociopath?
Schlatt: I think you might be stupid.
Charlie/Schlatt: *burst out laughing*