Sorry about the inconvenience! Would you please help me to figure out how this issue occurred?
Have you ever deleted files under material library folder in below directory:
Windows: \Users\%yourAccountName”\AppData\Local\Autodesk\Common\Material Library\
Mac: /Users/%yourAccountName%/Library/Application Support/Autodesk/Common/Material Library/
As the local material library files are saved there, if you make a deletion to them, you will lose the custom materials saved in favorite library.
The favorite materials are saved to the local file“Favorites.adsklib” in the directory of “Autodesk\Common\Material Library\20081401\” . (Please note, “20081401” stands for the version of material library, it may change if we make an upgrade to it.) , so you can backup this file next time. If you can recover the deleted “Favorites.adsklib", you can replace the current favorite library file with it and re-launch Fusion to get your favorite material library back.
If not, the easier way to bring your custom material back is to open the designs that used those materials and add the materials of “In this design” to your favorite from Physical material or Appearance panel.
Regards,
Sally

Sally Yang
Software QA Engineer
Fusion 360 Quality Assurance Team
Autodesk, Inc.