fantasy vs fantasy life

fantasy and fantasy life both are nouns.

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

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

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

fantasy (noun)	fantasy life (noun)
imagination unrestricted by reality	an imaginary life lived in a fantasy world
something many people believe that is false
fiction with a large amount of imagination in it

fantasy (verb)	fantasy life (verb)
indulge in fantasies