Ailfryd \a(i)-lfr-yd, ail(f)-ryd\ as a boy's name is a variant of Alfred (Old English), and the meaning of Ailfryd is "elf or magical counsel". The baby name Ailfryd sounds like Ailfrid, Ailfred and Wilfryd. Other similar baby names are Ahlfred, Ailured, Wilfred, Willfryd and Wilfrid.