From WoWWiki

Level 40 summonable rare Warlock mount that increases speed by 60% (the epic version is the Dreadsteed). Warlocks can learn the spell from any warlock trainer at level 40. As of patch 1.12.1 the mount system was re-vamped. The felsteed now comes with Apprentice riding skill.

[edit] Origin

The felsteeds were a race of wild horses which roamed the lands that are now Desolace. The Shadow Council corrupted them utterly and bound them forever to the service of warlocks. A demonic hollow in the east of Desolace, Shadowbreak Ravine, is home to a fair number of Shadow Council members. The ravine has several buildings, including a few stables that house felsteeds, most likely to be bound to the will of Shadow Council warlocks.

Some felsteeds are classified in-game as demons, others as beasts.

There are also three level 20 felsteeds to kill in the instance Shadowfang Keep, in Silverpine Forest. A rare felsteed roams the mountains of Searing Gorge from time to time, his name is Shleipnarr.

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For the epic mount, see Dreadsteed.

Neutral Mounts
Class Based	Paladin: Warhorse • Charger Warlock: Felsteed • Dreadsteed
Pre-Burning Crusade Drop Mounts	[Deathcharger's Reins] • [Swift Zulian Tiger] • [Swift Razzashi Raptor] •
Burning Crusade Drop Mounts	[Ashes of Al'ar] • [Fiery Warhorse's Reins] • [Reins of the Raven Lord] • [Amani War Bear] • [Swift White Hawkstrider] •
Faction Mounts	Riding Talbuk • War Talbuk • [Cenarion War Hippogryph] • Nether ray • Netherwing drake mounts
Crafted Mounts	[Flying Machine Control] • [Turbo-Charged Flying Machine Control]
Holiday Mounts	[Fresh Holly] • [Preserved Holly] • [Brewfest Ram] • [Swift Brewfest Ram] • [Magic Broom] • [Swift Magic Broom] • [Flying Broom] • [Swift Flying Broom] • [Rickety Magic Broom]
TCG Mounts	[Riding Turtle] • [Reins of the Spectral Tiger] • [Reins of the Swift Spectral Tiger] • [X-51 Nether-Rocket] • [X-51 Nether-Rocket X-TREME]
Other Mounts	Qiraji battle tank mounts • [Black Qiraji Battle Tank] • [Dark War Talbuk] • [Dark Riding Talbuk]