real life vs reality

real life and reality both are nouns.

Word	Noun	Adjective	Verb	Adverb
real life	Yes	No	No	No
reality	Yes	No	No	No

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

Other hypernyms of real life include world.

real life (noun)	reality (noun)
the practical world as opposed to the academic world	the quality possessed by something that is real
	all of your experiences that determine how things appear to you
	the state of being actual or real
	the state of the world as it really is rather than as you might want it to be