fantasy vs fairyland

fantasy and fairyland both are nouns.

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

As nouns, fairyland is a hyponym of fantasy; that is, fairyland is a word with a more specific, narrower meaning than fantasy:

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

Other hyponyms of fantasy include dream, pipe dream, fantasy life, phantasy life, fantasy world, phantasy world.

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

fantasy (verb)	fairyland (verb)
indulge in fantasies