phantasy vs fairyland

phantasy and fairyland both are nouns.

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

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

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

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

phantasy (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