Fractional revival is a quantum transport phenomenon important for entanglement generation in spin networks. This takes place whenever a continuous-time quantum walk maps the characteristic vector of a vertex to a superposition of the characteristic vectors of a subset of vertices containing the initial vertex. A main focus will be on the case when the subset has two vertices. We explore necessary and sufficient spectral conditions for graphs to exhibit fractional revival. This provides a characterization of fractional revival in paths and cycles. Our work builds upon the algebraic machinery developed for related quantum transport phenomena such as state transfer and mixing, and it reveals a fundamental connection between them.