This study examines the conceptual characteristics of fantasy movies. It also studies the process of socio-cultural changes of the mythical images such as heroes, goddesses and the devil that have often become the centre of fantasy movie characters. This study further examines the features of each character that correspond to specific mythical images. The purpose of this research is to suggest the conceptual and aesthetic characteristics of fantasy reflected in the characters and the costumes of fantasy movies, which were released since the year 2000. The followings are the results of the research: The conceptual characteristics of fantasy reflected in the characters and the costumes of fantasy movies are summarized as representation of reality, allegory and symbols, horror, desire, deconstruction and metamorphosis, otherness and counter-cultural sentiments. The aesthetic characteristics of the costumes of fantasy movies are defined as typicality and symbolism, grotesqueness, sensuality, hybridization, and otherness. These characteristics are very interconnected. The costumes of heroic characters appearing in fantasy movies show strong side of standard while the costumes of the evil characters revealed the limit of dualistic point of worldview centered on West. Heroic characters show realistic and human side that reflects the ethos of the time. Negative characters such as the devil or witches, which were created in human imagination and emotion, become the dynamic force of fantasy movies through their deviant actions. Their clothes, with variety and hybridization, become the source of creativity expected in present society.