"Fantasy Is Reality" is a song recorded by the funk band Parliament.

It was the only single released from the band's 1977 album Live: P-Funk Earth Tour.

Unlike the bulk of Live: P-Funk Earth Tour, "Fantasy Is Reality" was recorded in the studio, as was its B-side, "The Landing (Of the Holy Mothership)".

A version is also featured as a bonus track on the CD reissue of Osmium.

It reached number 54 in the U.S. on Billboard's Hot Soul Singles chart.