Fabiola /fabi-o-la/ [4 sylls.] as a girls' name is pronounced fah-bee-OH-lah. It is of Latin origin, and the meaning of Fabiola is bean. Feminine diminutive of Fabian, from the Roman family name Fabius (see Fabia). May also be derived from a Latin phrase meaning pinkish red flecked flower.Saint Fabiola was a fourth-century Italian who founded the first hospital for sick and needy pilgrims.Queen Fabiola of Belgium was a Spanish princess.eminine diminutive of Fabian, from the Roman family name Fabius (see Fabia). May also be derived from a Latin phrase meaning pinkish red flecked flower. Saint Fabiola was a fourth-century Italian who founded the first hospital for sick and needy pilgrims.