New Favorite is the ninth album by bluegrass music group Alison Krauss & Union Station. The album peaked in the top 50 of the Billboard 200 and within the top 5 of the Billboard charts for both Country and Bluegrass and was certified gold. This album was released in the same year as the O Brother, Where Art Thou? soundtrack, which Krauss appeared on, that had a large effect on bluegrass in the United States. At the 44th Grammy Awards, New Favorite would go on to win the Grammy Award for Best Bluegrass Album and the single "The Lucky One" won the Grammy Award for Best Country Performance by a Duo or Group with Vocal as well as Best Country Song.

This two-discs, 25-song set, recorded in Louisville on two nights in the spring of 2002, finds bluegrass's most celebrated crossover band at the top of its game. Krauss's warm, feathery vocals, capable of conveying complex emotions in a single note, appear more full-bodied than in studio recordings, yet lose none of their sensual appeal or dramatic tension. At the 46th Grammy Awards, Live won the Grammy Award for Best Bluegrass Album and the traditional song "Cluck Old Hen" won the Grammy Award for Best Country Instrumental Performance.