Fantasy Magazine was launched in 2005, published by Sean Wallace and edited by a team of Wallace and Paul Tremblay. It started as a print magazine before shifting to digital-only publication in 2007. That shift coincided with an editorial change: At that time, Paul Tremblay stepped down and was replaced by Cat Rambo, with Wallace continuing to serve as publisher and co-editor. Rambo and Wallace remained as joint editors of Fantasy until March 2011 when they both stepped down as editors and were replaced by John Joseph Adams. Adams edited Fantasy for the rest of 2011. Beginning in January 2012, Adams took over as publisher of Fantasy and its sister-magazine, Lightspeed (which he was also already editor of), and merged the two magazines together under the single title of Lightspeed. At that time, Fantasy, as an ongoing publication, went on indefinite hiatus, though it reappeared for single special issues in 2014, 2015, and 2016.
November 2020 marked the return of Fantasy Magazine as a monthly periodical. It returned with the new editorial team of Arley Sorg and Christie Yant, with Adams (via his Adamant Press) serving as publisher.