"Fancy" was co-written by Black Eyed Pilseung, who wrote Twice's previous singles "Like Ooh-Ahh", "Cheer Up", "TT", and "Likey".
[1][2] Hong Dam-young of The Korea Herald, reporting from the press showcase, described "Fancy" as a "dramatic and dynamic song that features Twice in a totally new light".
Hong continued, "While keeping the group's previous quirky festive tone that has defined a majority of its hits, 'Fancy' blends mellow mood pop electro beats with the members' sophisticated, strong melodies.
[3] Tamar Herman from Billboard described the song as a "bouncing electro-pop track that keeps the group’s quintessentially retro-inspired, addicting sound while turning to a bit of a bolder styling that revels in dynamic synths and playful digital quirks".
According to Herman, "The group's vocals take on a bit more of a mature, sultry tone during the verses, but Twice maintains their exuberant, upbeat energy for the song's chorus.
[1] The song's powerful choreography was choreographed by Bock Mi-ran, Kang Da-sol, Kiel Tutin, and Leejung Lee.