The purpose of this paper is to introduce the concept of fuzzy Lyapunov functions to study the notion of stability of equilibrium points for fuzzy dynamical systems associated with fuzzy initial value problems, through the principle of Zadeh. Our contribution consists in a qualitative characterization of stability by a study of the trajectories of fuzzy dynamical systems, using auxiliary functions, and they will be called fuzzy Lyapunov functions. And, among the main results that have been proven is that the existence of fuzzy Lyapunov functions is a necessary and sufficient condition for stability. Some examples are given to illustrate the obtained results.