Source : Webster's Revised Unabridged Dictionary (1913)

Fairyland \Fair"y*land`\n.
   The imaginary land or abode of fairies.

Source : WordNet®

fairyland
     n 1: something existing solely in the imagination (but often
          mistaken for reality) [syn: {fantasy world}, {phantasy
          world}]
     2: the enchanted realm of fairies [syn: {faerie}, {faery}]