The word fay is typically used when referring to a mythical being or a character from ancient folklore. Given its archaic nature, it often lends a sense of antiquity and enchantment when used in poetry or classical literature. Because of its specific reference to folklore, fay is less frequently used in contemporary contexts.

The word fey can be used to describe someone or something that gives off an impression of otherworldly, almost magical qualities, or someone marked by a morbid sense of the imminent end. Writers often employ it to evoke a mood of mystery and to foreshadow significant events, especially in fiction or poetic writing.

Though often confused due to their similar spelling and pronunciation, the words fay and fey carry distinct meanings. Fay serves as a noun defining a magical or fairy-like being, steeped in the tradition of old-world folklore. 'Fey,' an adjective, imbues a sense of enchantment, eccentricity, or doom, and is useful in describing intangible, supernatural qualities or premonitions. Both words are pronounced /feɪ/, but their use in literature and conversation varies greatly, with fey being the more common in modern language.