noun
or fairy story
1.
a. : a simple narrative dealing with supernatural beings (as fairies, magicians, ogres, dragons) that is typically of folk origin and written or told for the amusement of children
these ten short fairy tales to read aloud to younger children are in an old-fashioned mood — Louise S. Bechtel
b. : a more sophisticated narrative containing supernatural or obviously improbable events, scenes, and personages and often having a whimsical, satirical, or moralistic character
an unusual adult fairy tale well designed to while away an evening — New York Times Book Review
2. : an implausible, incredible, or lying story : a story designed to delude or mislead
in spite of various fairy tales that have been spread … your power system is still paying taxes to the community — F.D.Roosevelt