"Pegasus Fantasy" (ペガサス幻想, Pegasasu Fantajī) is a song by Japanese metal band Make-Up.

Serving as the band's fourth major release single, "Pegasus Fantasy" and its B-side "Blue Forever" (永遠ブルー, Eien Burū) were used as the theme songs for the first half of the original Saint Seiya anime.

on their mini-album The Voice from Yesterday, Make-Up released a new edition of the song in 2012, subtitled "Version Omega", which features Shoko Nakagawa, the voice actress for Athena, on guest vocals and is used as the opening theme song for the re-imagined Saint Seiya Omega anime.

"Pegasus Fantasy" has also been covered by many other subsequent artists and bands, including Animetal on their albums Animetal Marathon V and Decade of Bravehearts, Animetal USA on their debut self-titled album, Eizo Sakamoto on Eizo Japan 1, Takeshi Tsuruno on Tsuruno Uta, Sadie on V-Anime Rocks, Trick or Treat on Re-Animated, and even Italian power metal band Derdian, as a bonus track on the Japanese release of their album Limbo.

According to Falaschi himself, his version was originally a demo that was placed on-air without his knowledge which explains the "crummy" quality of the end product.