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Mount Fairy is a locality in the Queanbeyan–Palerang Regional Council, New South Wales, Australia. It is located to the east of the Bungendore–Tarago road. At the 2016 census, it had a population of 205.
Mount Fairy had a railway station on the Bombala railway line from 1886 to 1975. Its original name was Fairy Meadow, the name of the parish lying south of Merigan (which includes most of Mount Fairy) in the Mulloon area, but it was renamed to its current name in 1903.
Mount Fairy had a state school from 1910 to 1931 and from 1946 to 1951, which generally operated as a "provisional" school, but it was a "half-time" school from 1929 to 1931.