"Blend of McKay and lee"
The name Mckaylee is commonly a female name from the "American" origin.
Mckaylee is a modern American formation rather than an inherited name. It joins McKay, a Scottish surname anglicized from Gaelic Mac Aoidh (son of Aodh), with the -lee ending used in many American girls' names such as Kaylee and Brynlee. The spelling first appears in United States birth records in 1992, which fits a recent coinage.
The pronunciation of Mckaylee is muh-KAY-lee.