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When the number of links in your favorites list becomes large, being able to print and manage the list becomes important.

Here is a step by step way to do it:

Open Internet Explorer, click File on the menu bar and then click 'Import and Export'.
The Import/Export wizard opens, click Next which brings up a list of things you can do.
Select 'Export Favorites, and click Next which shows you a list of all your favorites folders. Select them all, or just one if that is all you want to export.
Click Next and select the 'Export to a File or Address' option and give the file a name, ending in the .htm extension. Save it to a folder of your choice. Click Next, then finish.
Open Windows Explorer and locate the file you just created. Double-click it to open it. You will see all the favorite's folders you selected. Each folder will be expanded to show all the web pages it contains.
Click File on the menu bar and then click Print from the menu that appears. The Print page opens.
Click the Print button and your Favorites are on their way to your printer!