fairyland vs phantasy

fairyland and phantasy both are nouns.

Word	Noun	Adjective	Verb	Adverb
fairyland	Yes	No	No	No
phantasy	Yes	No	No	No

As nouns, phantasy is a hypernym of fairyland; that is, phantasy is a word with a broader meaning than fairyland:

fairyland: something existing solely in the imagination (but often mistaken for reality)
phantasy: imagination unrestricted by reality

Other hypernyms of fairyland include fantasy.

fairyland (noun)	phantasy (noun)
something existing solely in the imagination (but often mistaken for reality)	imagination unrestricted by reality
the enchanted realm of fairies	something many people believe that is false
	fiction with a large amount of imagination in it