The Collaborative International Dictionary of English v.0.48:

Fairyland \Fair"y*land`\n.
   The imaginary land or abode of fairies.
   [1913 Webster]

WordNet (r) 3.0 (2006):

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

Moby Thesaurus II by Grady Ward, 1.0:

47 Moby Thesaurus words for "fairyland":
   Agapemone, Arcadia, Big Rock-Candy Mountain, Canaan,
   Cloudcuckooland, Cockaigne, Eden, Eldorado, Erewhon,
   Garden of Eden, Goshen, Happy Valley, Land of Youth, Laputa,
   Never-Never-land, Neverland, New Atlantis, Pandemonium, Quivira,
   Shangri-la, Utopia, Zion, arcadia, cloudland, dreamland, dystopia,
   elfenfolk, faerie, fairyfolk, heaven, kakotopia, kingdom come,
   land of dreams, land of enchantment, land of faerie,
   land of plenty, land of promise, lotus land, millennium, paradise,
   promised land, shee, sidhe, the good folk, the little people,
   utopia, wonderland