How to Open Favorites in New Tab in Internet Explorer 7 or 8 (IE7) Browser
Internet Explorer web browser has a makeover on the Favorites feature, which stores and saves bookmarks of websites and web pages since IE 7 and IE 8. Now the favorites folder takes a prominent location on the top right corner of browser window. And unlike Firefox, IE7 or IE8 can easily open a favorite into a new tab.
For user who wants to open the links from Favorites in a new tab instead of replacing existing open tab, just click on the “blue arrow” at the end of the name of the favorite to open the link in new tab, as shown in the figure below.

Alternatively, just right click on the link in Favorites folder, and then select Open in New Tab option from context menu.
For user who wants to open Favorite link in new tab is all circumstances regardless of how the favorite is opened (e.g. IE will open a favorite in new tab when user is only click on the link), download and install IE7Pro, and then check the Open New Tab from Favorite option. Then, user can always open Favorite in new tab.
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I guess that those of us who prefer to use the menu, rather than the "folder" (it's a pane FFS!) are SOL when it comes to opening favorites in a new tab (unlike Firefox, where a middle click actually works). It's about time the IE dev team were dragged kicking and screaming into the 20th century – I've had more than 2 buttons on all my mice since '94!
Kimberly, I'm wondering the same thing! Trying to figure it out as well!
Something about my internet explorer changed a few days ago. It used to be that when I clicked on "new tab", a screen with (I think) my 9 most frequently visited websites popped up. I loved this, as I pretty much work between those websites all day! To my disappointment, that does not happen anymore. Any way to get that back?
You say 'unlike Firefox' Firefox has an option to always open in a new tab or window (as far as I remember – I am at work and they don't have Firefox)