It received mixed to negative reviews in game periodicals, including The Space Gamer, Ares, and Pegasus, and ultimately flopped.

[1] Since Arneson departed from TSR in 1976, lost involvement in D&D and developed rivalry with Gary Gygax, he hoped to clear up some confusions and incompleteness early D&D had, and to gain market share and recognition with this game.

To accommodate a higher price tag than its competitors, many copies of the game were signed by Arneson and Snider.

[4] Pehr commented that "D&D might had 'contradictions and confusions' as Mr. Arneson points out on page 1 of Adventures in Fantasy, and he may be correct that 'Any person without the aid of an experienced player was hard pressed to even begin to gain an understanding of the rules...' However, we now have other games which aren't full of confusion, offer some excellent role-playing, and can be handled by beginners, and don't cost [as much as this game]!

"[4] Eric Goldberg reviewed Adventures in Fantasy in Ares Magazine #4 and commented that "AIF would seem to have many things against purchasing it.

This is a game that should be avoided by those people who derive enjoyment from running a wide variety of character classes, as the only ones available are Warrior and Magic User.