fantasy life vs fantasy

fantasy life and fantasy both are nouns.

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

As nouns, fantasy is a hypernym of fantasy life; that is, fantasy is a word with a broader meaning than fantasy life:

Other hypernyms of fantasy life include phantasy.

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

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