How can I make a bed canopy? How can I make a bed canopy? 

Both the modeling and the material?

Looking for something like these 01, 02.

UPDATE:

So this is what I ended up with thanks to Nicola Sap suggestion and I'm pretty satisified with it. Thank you.

What do you think?

What about the material? (Now I'm just using mix of diffuse and transparent).

(credit to pixabay/Viscious-Speed for the floral background).
Short answer just to point you to the direction of cloth simulations. 


Start with a large circle in the position of the highest point of the canopy, with a "triangle fan" face fill. 
Remove one vertex along the circumference, to make an opening
Subdivide many times, minimum 6 but possibly 11-12. 
Assign the central vertex to a vertex group. 
Set up a Cloth simulation and enable pinning on the newly created vertex group. 
Make the canopy holder ring using a simple torus mesh and enable collision. 
Enable collision on the bed (or on a cube representing the bed's proportions, if your bed isn't ready yet). 
Bake a cloth simulation
Choose a frame that looks right, and "Apply" the Cloth modifier.