Is there any stability notion that led to an algebraic variety be smoothable in general for Fano varieties or for Calabi-Yau varieties?
Note that Friedman found a nesessary condition that $X$ to be smoothable
For $K3$ surfaces and Del-Pezzo surfaces we have semi-stable notion as follows
Friedman proved that every such semistable $K3$ surface can be smoothed into a smooth $K3$ surface, under a flat deformation with a smooth total space
Y. Namikawa showed the following result
Let $X$ be a Calabi–Yau threefold with terminal singularities.
(1) If $X$ is $\mathbb Q$-factorial; then $X$ is smoothable.
(2) If every singularity of $X$ is different from an ordinary double point; then $X$ is smoothable
Note that not any variety can be smoothable, for example there exists a CY variety which remain singular under any flat deformation.
Kachi proved that every semi-stable Del Pezzo surface is smoothed into a smooth Del Pezzo surface, under a flat deformation with a smooth total space
Some old results:
A reduced complex analytic space $X$ of dimension $n$ is a normal crossing variety (or n.c.variety) if for each point $p \in X$, $$\mathcal O_{X,p}\cong \frac{\mathbb C\{x_0,x_1,...,x_n\}}{(x_0x_1...x_r)}\;\;\;\; 0\leq r=r(p)\leq n $$.
In addition, if every component $X_i$ of $X$ is smooth, then $X$ is called a, simple normal crossing variety (or s.n.c.variety).
Let $D=\text{Sing}(X)$, and $X_i$ be a component of $X$ and let $I_X$, (resp. $I_D$) be the defining ideal of $X_i$ (resp. $D$) in $X$. Then define
$$\mathcal O_D(-X)=I_{X_1}/I_{X_1}I_D\otimes_{\mathcal O_D}...\otimes_{\mathcal O_D} I_{X_m}/I_{X_m}I_D$$ and take $\mathcal O_D(X):=\mathcal O_D(-X)^\vee$
A normal crossing variety $X$ is called $d$-semistable if its infinitesmal normal bundle $\mathcal O_D(X)$ be trivial.
Kawamata and Namikawa proved the following theorem for normal crossing varieties with some additional assumption to get smoothing of a flat degeneration
Let $X$ be compact K\"ahler d-semi-stabte n.c.variety of dimension $n\geq 3$ and let $X^{[0]}$ be the normalization of $X$. Assume the following conditions:
(a) $\omega_X\cong \mathcal O_X$,
(b) $H^{n-1}(X, \mathcal O_X) = 0$, and
(c) $H^{n-2}(X^{[0]},\mathcal O_{X^{[0]}}) = 0$
Then $X$ is smoothable by a flat deformation.