мой любимый (moy lyubimy) for masculine nouns
моя любимая (moya lyubimaya) for feminine nouns
мое любимое (moe lyubimoe) for neuter nouns
Example:
* Мой любимый фильм (moy lyubimy film) - My favorite movie
* Моя любимая песня (moya lyubimaya pesnya) - My favorite song
* Мое любимое блюдо (moe lyubimoe blyudo) - My favorite dish
You can also say:
любимый (lyubimy) for masculine nouns
любимая (lyubimaya) for feminine nouns
любимое (lyubimoe) for neuter nouns
Example:
* Любимый фильм (lyubimy film) - Favorite movie
* Любимая песня (lyubimaya pesnya) - Favorite song
* Любимое блюдо (lyubimoe blyudo) - Favorite dish
However, this form is more formal and less common.
Important Note: "Favorite" can also be used in other contexts. For example, "my favorite person" can be translated as мой любимый человек (moy lyubimy chelovek).