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Etymology and usage

The word comes from Old English hlǣfdige; the first part of the word is a mutated form of hlāf, "loaf, bread", also seen in the corresponding hlāford, lord. The second part is usually taken to be from the root dig-, to knead, seen also in dough; the sense development from bread-kneader, or bread-maker, or bread-shaper, to the ordinary meaning, though not clearly to be traced historically, may be illustrated by that of lord.

The primary meaning of "mistress of a household" is now mostly obsolete, save for the occasional use of old-fashioned phrases such as "lady of the house." This meaning is retained, however, in the title First Lady, used for the wife of an elected president or prime minister. In many cultures in Europe the equivalent term serves as a general title of address equivalent to the English Missus (usually seen as Mrs.) (French Madame, Spanish Señora, Italian Signora, German Frau, Polish Pani)

The special use of the word as a title of the Virgin Mary, usually Our Lady, represents the Latin Domina Nostra. In Lady Day and Lady Chapel the word is properly a genitive, representing hlǣfdigan "of the Lady".

The word is also used as a title of the Wiccan Goddess, The Lady.

Source from : http://en.wikipedia.org/wiki