 "Fantasy" won many prestigious awards throughout the music industry in 1995 and 1996. At the Blockbuster Entertainment Awards, the song won the award for "Favorite Single." Additionally, the song was a warded the "Pop Award" honor at the 1996 annual American Society of Composers, Authors and Publishers (ASCAP). Carey won the "Dance Record of the Year" award at the "National Dance Music Awards" in 1996. "Fantasy" won two awards at the 1996 "Winter Music Conference National Dance Music Awards," for "Favorite Single" and "Dance Record of the Year." The song won a Broadcast Music Incorporated (BMI) "Pop Song of the Year" award in 1997, as well as the "Favorite Single" award at the annual "Archer Awards." The song also was nominated for Best Female Pop Vocal Performance at the 38th Grammy Awards.
