The group debuted on October 24, 2018, with the single "Iriwa", which was released along with a music video, directed by Super Junior's Shindong.

The group is unique in that member Daewang's real identity is completely hidden, with her wearing a mask to hide her face.

Additionally, the group's first sub-unit "Sugar Powder" was formed predebut, consisting of Harin, Arang and Heesun.

The music video features predebut member Rai, who left shortly before debut and was replaced by Yubeen.

On October 18, 2019, MyDoll announced that Heesun had left Pink Fantasy and would halt all her activities that same day, However, she would still remain under the company.

[8] The music video was released on November 9, 2019 On December 17, 2019, the group's second official subunit "MDD" was formed, consisting of Yechan and Yubeen.

On April 12, 2020, it was announced Aini had left the group due to symptoms of Plantar Fasciitis and decreased physical strength.

][10] On June 19, 2020, a teaser for the single "Shadow Play" was posted on the group's official Twitter account, indicating a release date in July.

[12] Before the release of Shadow Play, it was announced on June 28 that Yubeen had left the group due to her panic disorder, however, she would remain under MyDoll Entertainment.

On October 21, 2020, MyDoll announced that SangA had left the group after requesting her contract be terminated for personal reasons.

[20][21] On June 13, with a dance intro for "Alice in Darkland" a teaser of the group's first mini album was released, specifying that it would be the fourth song on the EP.

[28] On the same day at 18:00 KST, it was released on various streaming services along with the respective music video on YouTube for the eponymous song.

[34][35] On February 8, 2022, the release of "LUV Is True", a song dedicated to LUVIT, the group's fandom, was announced, expressing gratitude to the fans through the lyrics.

A pre-release as NFT was scheduled for February 14, through NFTs music production company, 3PM, at while its official release was set for March 14.

[36][37] On April 1, the music video for the feedback version of "Tales of the Unusual", a song previously released in October 2021, was released through the group's YouTube channel, in response to the comments from netizens, differing from the original version mainly by the removal of the additional voice of Hyuk Jooni, who joined in by repeating the song title in the chorus, leaving only the voices of PinkFantasy members.