real world vs reality

real world and reality both are nouns.

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

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

Other hypernyms of real world include world.

real world (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