World English Dictionary
fantasy or phantasy (ˈfæntəsɪ)
n , pl -sies
1.  a.  imagination unrestricted by reality
 b.  (as modifier): a fantasy world
2.  a creation of the imagination, esp a weird or bizarre one
3.  psychol
 a.  a series of pleasing mental images, usually serving to fulfil a need not gratified in reality
 b.  the activity of forming such images
4.  a whimsical or far-fetched notion
5.  an illusion, hallucination, or phantom
6.  a highly elaborate imaginative design or creation
7.  music fantasia fancy another word for development
8.  a.  literature having a large fantasy content
 b.  a prose or dramatic composition of this type
9.  (modifier) of or relating to a competition, often in a newspaper, in which a participant selects players for an imaginary ideal team, and points are awarded according to the actual performances of the chosen players: fantasy football
vb , -sies, -sies, -sying, -sied
10.  a less common word for fantasize
[C14 fantasie, from Latin phantasia, from Greek phantazein to make visible]
phantasy or phantasy
[C14 fantasie, from Latin phantasia, from Greek phantazein to make visible]

phantasy (ˈfæntəsɪ)
n , pl -sies
an archaic spelling of fantasy

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Encyclopedia Britannica


imaginative fiction dependent for effect on strangeness of setting (such as other worlds or times) and of characters (such as supernatural or unnatural beings). Examples include William Shakespeare's A Midsummer Night's Dream, Jonathan Swift's Gulliver's Travels, J.R.R. Tolkien's The Lord of the Rings, and T.H. White's The Once and Future King. Science fiction can be seen as a form of fantasy, but the terms are not interchangeable, as science fiction usually is set in the future and is based on some aspect of science or technology, while fantasy is set in an imaginary world and features the magic of mythical beings.

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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Example sentences
Some people are so brainwashed by the phantasy that they live in a meritocracy that the reality comes as a debilitating shock.
Actually your comments are an example of the phantasy so many people follow in your region.
One knows that it is a phantasy, that one is not seeing but thinking the thing.
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