The article scrutinizes the distinctions between myth, fairytale, and fantasy within the studyof the fantasy genre, an increasingly significant aspect of contemporary world and Kazakh literature. Fourpredominant perspectives on fantasy in modern literary studies are discussed. One viewpoint negates fantasy’sindependent literary status, deeming it a subset of fiction, supported by its widespread presence in modernliterature, films, and popular culture. Another perspective equates fantasy with fairytales, illustrated byJ.R.R. Tolkien’s initial classification of his works as “fairytales” before the term “fantasy” gained scholarlyrecognition. Some researchers argue that fantasy’s roots lie in mythology, specifically a “neomyth” born fromauthors’ mythological thinking and ancient myths. This viewpoint is deemed by the author to reveal the genesisand literary essence of fantasy most comprehensively. Lastly, a less supported view ties fantasy’s emergence tothe evolution of “horror” literature, inspired by 90s computer games, notably championed by the Polish futuristS.S. Lem. However, this perspective lacks substantial backing. The author of the article managed to give hisown, author’s definition of fantasy by analyzing the opinions of supporters of these four views on the fantasygenre. The scientific article discusses the problems of interrelation and differences between fantasy works frommythology, fairy tales and science fiction. The analysis of definitions and interpretations of literary scholars onthis issue is carried out. The author’s definition of the fantasy genre based on a comparative analysis of variousliterary genres is proposed. A comparative table of interrelationships and features of mythology, folklore andliterary fairy tales, science fiction, as well as the fantasy genre has been formed. It is concluded that fantasy isa syncretic, dynamic meta-genre that unites literature, philosophy, cultural studies, pedagogy, psychology, thefilm industry, animated films, computer games, entertainment and other areas.