http://wings.avkids.com/Book/Sports/advanced/frisbee-01.

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shape plays a large part in influencing the flying ability of the Frisbee It is still light weight, circular, fairly flat, and the edges of the Frisbee are either sloped or rounded.
Lift and drag forces created (figure) Spinning make it fly stably

http://www.madehow.com/Volume-5/Frisbee.html#b For instance, adding a small lip and concave edge to a disc greatly increases its stability in flight.

A major obstacle disk designers must overcome is this instability caused by gyroscopic precession, the tendency of spinning objects to roll right or left in flight, depending on the direction of their spin and where they get their aerodynamic lift. The closer the disk's center of gravity remains to its center of lift, the more stable and straight the flight. As a spinning disk flies, its center of lift is near the front, or leading edge, of the disc and tends to pitch the disc upward. Because of the spin, much of the lifting force on a point near the disc's edge does not exert itself until about a quarter of a revolution later. Such gyroscopic precession pushes the disc up on the side, causing a sideways roll. This is why frisbees, which typically are thrown backhand to spin clockwise as viewed from the top, tend to roll left from the thrower's perspective in flight. Once in the air, lift and angular momentum act on the frisbee, giving it a ballet-type performance. Lift is generated by the frisbee's shaped surfaces as it passes through the air. Maintaining a positive angle of attack, the air moving over the top of the frisbee flows faster than the air moving undemeath it. Under the Bemoulli Principle, there is then a lower air pressure on top of the frisbee than beneath it. The difference in pressure causes the frisbee to rise or lift. This is the same principle that allows planes to take off, fly, and land. Another significant factor acting upon the frisbee's lift is Newton's Third Law. It states that for every action there is an equal and opposite reaction. The frisbee forces air down (action) and the air forces the frisbee upward (reaction). The air is deflected downward by the frisbee's tilt, or angle of attack.

Spinning the frisbee when it is thrown, or giving it angular momentum, provides it with stability. Angular momentum is a property of any spinning mass. Throwing a frisbee without any spin allows it to tumble to the ground. The momentum of the spin also gives it orientational stability, allowing the frisbee to receive a steady lift from the air as it passes through it. The faster the frisbee spins, the greater its stability.
Frisbees have been made out of a thermoplastic material called polyethylene since the early 1950s.