A fantasy is something you imagine , which might involve dragons, unicorns, or an imaginary best friend. If you live in a fantasy world, you're not worrying much about reality — pleasant, maybe, but not very practical. FANTASY meaning : 1. a pleasant situation that you enjoy thinking about but is unlikely to happen, or the activity of…. Learn more. Meaning of the Word Fantasy refers to the imaginative creation of unreal or extraordinary ideas, scenarios, or worlds, often involving magical or supernatural elements. It can also denote daydreams or mental images of desires and aspirations. Fantasy is a genre of speculative fiction that involves supernatural or magical elements, often including completely imaginary realms and creatures. [1][2] The genre's roots lie in fantasy literature and drama.