No, Gray Fullbuster does not die in Fairy Tail. Throughout the series, Gray faces many dangerous situations, but he ultimately survives. He is one of the main characters and a member of the Fairy Tail guild, known for his ice magic. While Gray experiences some intense battles and personal losses, including the death of his mentor Ultear and his friend Lyon, he does not die in the series. Instead, Gray continues to grow and fight alongside his friends, playing a significant role in the guild’s victories.