1Of a person. (a) Having a beautiful or attractive face; beautiful, good-looking. (b) Having a fair or light-coloured complexion.
Now usually with reference to complexion, although in many examples either (or both) of the senses may be intended.
Of brickwork, stonework, concrete, etc.: having a smooth, even surface left unplastered or exposed.
Mid 16th century; earliest use found in Thomas Paynell (d. ?1564), translator. From fair + faced.