Green’s Dictionary of Slang

drag queen n.

also queen drag
[drag n.1 (8a) + -queen sfx (2); also in attrib. use]

1. [1930s+] an effeminate homosexual who prefers to dress as a woman; sometimes as a professional female impersonator.

2. [1960s+] a female impersonator.

3. [1990s+] in fig. use, as a general insult.