In this article, we consider the following fractional {Hardy-type} inequality: \begin{align} \label{Fractional Hardy_abst} \int_{^N} |w(x)||u(x)|^p x \leq C \int_{^N \times ^N} \frac{|u(x)-u(y)|^p}{|x-y|^{N+sp}} xy:= |u|{s,p}^p,, \ \forall u \in ^{s,p}(^N), \end{align} where , and is the completion of with respect to the {norm} . We denote the space of admissible {weight function} in \eqref{Fractional Hardy_abst} by . Maz’ya-type characterization helps us to define a Banach function norm on . Using the Banach function space structure and the concentration compactness type arguments, we provide several characterizations for the compactness of the map on . In particular, we prove that is compact on if and only if . Further, we study the following {weighted} eigenvalue problem: \begin{equation*} (-Δ{p})^{s}u = λw(x) |u|^{p-2}u ~~~^{N}, \end{equation*} where is the fractional -Laplace operator and is such that and .

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