"excellent, superior," 1971, originally African-American vernacular, from super- + slang sense of fly (adj.).
Entries linking to superfly
super-
word-forming element meaning "above, over, beyond," from Latin super (adverb and preposition) "above, over, on the top (of), beyond, besides, in addition to," from *(s)uper-, variant form of PIE root *uper "over." In English words from Old French, it appears as sur-. The primary sense seems to have shifted over time from usually meaning "beyond" to usually meaning "very much," which can be contradictory. E.g. supersexual, which is attested from 1895 as "transcending sexuality," from 1968 as "very sexual."
fly adj.
slang, "clever, alert, wide awake," by 1811, perhaps from fly (n.) on the notion of the insect being hard to catch. Other theories, however, trace it to fledge or flash. Slang use in 1990s might be a revival or a reinvention.