FANTASY meaning : 1. a pleasant situation that you enjoy thinking about but is unlikely to happen, or the activity of…. Learn more. Fantasy stories allow us to see beyond the mundane world, delving into rich and imaginative settings filled with magical creatures and epic quests. Definition of fantasy noun from the Oxford Advanced Learner's Dictionary. [countable] a pleasant situation that you imagine but that is unlikely to happen. He spoke of his childhood fantasies about becoming a famous football player. He was able to play out his fantasy of pop stardom. Definition of Fantasy in the Definitions.net dictionary. Meaning of Fantasy . What does Fantasy mean ? Information and translations of Fantasy in the most comprehensive dictionary definitions resource on the web.