Hi Summer. "Favorable" = 1) expressing approval (eg "the concert received favorable reviews") or 2) to the advantage of someone or something (eg "the fishermen hoped for favorable weather conditions as they planned to work the following day")
Favorite = preferred to all others of the same kind. For example: "This is my favourite Mexican restaurant"
They are both kind of connected as they both talk about things that are good for you/someone else/a situation in some way but I think it's better to consider them as separate words.