This is the 13015th most frequent Russian word.
любимая
"Любимая" means "beloved" or "favorite" (feminine form).
Here, 'любимая' is used as an adjective meaning 'favorite', describing the noun 'песня' (song).
Моя любимая песня всегда поднимает мне настроение.
My favorite song always cheers me up.
In this context, 'любимая' still means 'favorite' but is applied to a different context noun, 'книга' (book).
Это моя любимая книга, я прочитал её много раз.
This is my favorite book; I have read it many times.
Here, 'любимая' is used as a noun and means 'beloved', referring to a loved person.