Favicon icon means Favorites, as this icon will be shown next to the bookmark in the favorites. Apart from this, the new version of different browser also shows this icon on number of places like Tab Tile, Title bar etc. Having an icon for a web site allows the users to easily identify the site without reading the description.
Faviicon is a 16x16 .ico file which can be created from any standard icon file creator. You may use Visual Studio to create this. You can also create this online from some sites life favicon.cc
To add a favicon to you web page just place the favicon in the root directory of the application. Other way, if you want to install it for a sub folder then place it the the folder itself or specify the path of the favicon in you web page head section
<link href="favicon.ico" rel="icon" type="image/x-icon" /> <link href="favicon.ico" rel="shortcut icon" type="image/x-icon">