A PC version, ported in collaboration with DotEmu and distributed via Steam, was released on July 7, 2015 globally as Battle Fantasia: Revised Edition.

[4] The game's development was headed by Emiko Iwasaki, who had previously served as illustrator for the company's Guilty Gear series, and features three-dimensional character models restricted to a two-dimensional plane.

Battle Fantasia retains a number of features of its predecessor including fast-paced gameplay, colorful anime-style graphics, and over-the-top effects, yet was designed to be a more basic representation of the fighting genre.

Players can expend MP to activate "Heat Up" mode to increase their strength and add additional effects to their attacks, with specific enhancements differing with each character.

[5] In Japan, 2D fighting video game wanted to shift 3D graphics with 2D gameplay experience, but it was thought to have been technologically impossibly for over 10 years since Street Fighter EX released.

[9] A home console version of Battle Fantasia was announced in a February 2008 issue of Japanese Weekly Famitsu magazine, and was confirmed for release for both the PlayStation 3 and Xbox 360 systems.

"[12] In an interview with website Gamasutra, when asked if a North American PlayStation 3 version was rejected by Sony Computer Entertainment America, Arc System Works producer Kouki Sadamori merely replied that the question was "a tough one to answer..."[13] 505 Games signed on as the game's European publisher, who released both the Xbox 360 and PlayStation 3 versions in the region simultaneously in March 2009.

[34] European versions of Battle Fantasia in early 2009 were often compared to Capcom's highly anticipated Street Fighter IV released just one month after.

Eurogamer claimed that the game was "not even in the same league as Capcom's superlative re-envisioning", yet compared its defensive Gachi parrying system to Street Fighter III.

[22] The website would criticize the title's "by-the-numbers gameplay" and lack of online competition, and called Battle Fantasia's art style "a nice departure, but many will find the overly twee presentation a bit too sugary for their fighter tastes.

"[15][35] Ironically, though it was often found to be inferior to Street Fighter IV, series director Yoshinori Ono cited the original arcade version of Battle Fantasia in 2007 as the inspiration for his game's new three-dimensional art style, stating "Our fear was that with Street Fighter IV, because our characters are taller and more human-proportioned that it might look funky... What we learned through development was that no, it's not going to look weird... Battle Fantasia was part of what made us realize that, I think.