If you mean Favorites as listed in your Safari app:
Open Safari and then press the book-like icon. You'll get a pop-up Ike this:
Navigate through the various levels until you are IN the Favorites folder. In there, you can either swipe left on the bookmark you want to delete or press the Edit button at the lower right to reveal the delete circles:
When you've finished, press the Done button and those bookmarks you've deleted should be gone.
Hope that helps. Oh, and if you don't mean Favorites in Safari, could you further explain?