What is a literary work that mockingly mimics a well-known story called?

A literary work that mockingly mimics a well-known story is referred to as a parody. This type of work typically takes a recognized narrative, character, or style and exaggerates it for comic effect or critique. Parody often highlights the original work's conventions by applying humor or irony, allowing the audience to appreciate both the source material and the parody itself.

In contrast, homage generally pays tribute to an original work without the mocking element. A fable is a brief story, often featuring animals, that conveys a moral lesson, while an allegory uses characters and events to symbolize abstract ideas or concepts, commonly addressing moral, social, or political issues. These other forms serve distinctly different purposes and do not involve the same mocking mimicry characteristic of parody.