A beverage, alcoholic beverage featuring in story (7)
I believe the answer is:
limeade
'a beverage' is the definition.
(limeade is a kind of beverage)
'alcoholic beverage featuring in story' is the wordplay.
'alcoholic beverage' becomes 'mead' (mead is a kind of alcoholic beverage).
'featuring in' means one lot of letters goes inside another.
'story' becomes 'lie' (story can mean a fabrication).
'mead' put inside 'lie' is 'LIMEADE'.
(Other definitions for limeade that I've seen before include "Fruity drink" , "soft drink" , "Fizzy drink" , "Winter festival" , "it's a soft one" .)