The mythical creature known for its power to grant wishes according to folklore is the genie or djin. These beings are typically found in stories such as "Aladdin" from "One Thousand and One Nights," where they emerge from lamps to fulfill desires. The concept of the genie embodies themes of power, consequences, and the human longing for fulfillment. Genies symbolize the complexity of wishes—both what is desired and what may be reaped through consequences.