[2] Critic W. David Marx described Fantasma as "an important textbook for an alternative musical history where Bach, Bacharach, and the Beach Boys stands as the great triumvirate.

[12] The Apples in Stereo's Robert Schneider and Hilarie Sidney co-wrote and performed on "Chapter 8 – Seashore and Horizon –",[10][12] while the High Llamas' Sean O'Hagan (formerly of Microdisney) appeared on "Thank You for the Music".

[14] The opening of "Mic Check" (which is a preview of the closing track) musically resembles the Beach Boys' hymn "Our Prayer", while "God Only Knows" was named after their song of the same title.

[13] Historian Michael Roberts writes, "As the image makes clear, it's the figure of Wilson as producer, as much as musician, that haunts Fantasma and its central trope of the recording studio.

"[15] In Japan, the limited edition of Fantasma, which was packaged with stereo earphones, was released via Cornelius's own label Trattoria Records on August 6, 1997.

[21][22] The former is composed of remixes of Fantasma tracks by Money Mark, the High Llamas, Buffalo Daughter, the Pastels, Damon Albarn of Blur, Unkle, and Coldcut.

[5] Stephen Thomas Erlewine of AllMusic praised Fantasma as "one of those rare records where you can't tell what's going to happen next, and it leaves you hungry for more.

"[31] Steve McClure of Billboard called it "a wonderful example of how some of Japan's best pop musicians assimilate Western musical influences and combine them in original, quirky ways.

"[34] Reviewing the album's 2016 reissue, Patrick St. Michel of Pitchfork said that Fantasma "distills the spirit and process of Shibuya-kei down to its purest essence".

[37] On June 10, 2016, Fantasma was reissued in the United States, coinciding with a tour in August, including a date performing at the Eaux Claires festival.