Fantasy is that element of a legend or story which is baseless, contrary to reality strange, weird and occult. It is infested with incredible events. Animal fantasy, epic fantasy, heroic fantasy, historical fantasy, romantic fantasy, scientific fantasy, fable fantasy, mythical fantasy, fantasy of other world, planetary fantasy, magical fantasy, adulthood fantasy, narcissist fantasy, idealist fantasy are its primary elements. This article deals with the literary significance of these elements of fantasy.