Fantasy Life Online (Japanese: ファンタジーライフ オンライン), originally known as Fantasy Life 2: Two Moons And The Village of God (Japanese: ファンタジーライフ2 ふたつの月とかみさまの村) was announced by Level-5 during their Vision 2015 event, and surprisingly unlike its predecessor Fantasy Life, this game is made for a smartphone platform. This game is similar to its predecessor, as it features 12 Lives and a new “Village” feature, where the player will collect villagers. This game has more of a "Sim" vibe going on, where the player will build the town, and will have more room to build this time. The art style of this game is visually similar to Fantasy Life's.
While the gameplay and story focuses a bit more on building up the town, it has fields to explore, similar to in Fantasy Life. Familiar characters will be returning as well, and you can form parties to take on monsters.
Fantasy Life 2: Two Moons and the Village of God was originally intended to launch in Japan in Summer 2015 for iOS and Android devices.. However, on 31 August 2016, LEVEL-5 announced that the game will be delayed until 2016, and the beta test will come in Winter 2015. On 10 March 2016, Fantasy Life 2 was delayed again.
On 27 July 2016, in LEVEL-5 Vision 2016, LEVEL-5 released the new trailer for Fantasy Life 2 and announced that Fantasy Life 2's closed beta will begin in the next two days.
On 21 October 2016, Fantasy Life 2: Two Moons and the Village of God was officially renamed to Fantasy Life Online. According to LEVEL-5, the change was decided because they want new players see this game as their first Fantasy Life title, rather than a sequel.
On 16 December 2016, it was announced that the game was scheduled to release in April 2017. On 28 April 2017, the final beta test for the game was available for 15,000 people. After that, Fantasy Life Online was delayed to sometime in 2017, then delayed yet again to Spring 2018. After another delay, the game was scheduled to release in Summer 2018.  On 18 July 2018, LEVEL-5 announced that Fantasy Life Online would begin service on July 23 in Japan.
On 22 October 2021, Boltrend Games announced on its Twitter account that the game would soon be released globally and that a beta test would be launched in the coming weeks. On 26 October 2021, it was announced that the closed beta test would start on October 27, and would end on November 4. The closed beta test was only available to Android users in Canada, Australia, Malaysia, Finland, Romania, and Argentina.
On 27 October 2021, pre-registration for Fantasy Life Online's global release went live for Android and iOS users in all regions except the Chinese Mainland, Hong Kong, Macau, Taiwan, Vietnam, Japan, and South Korea.
On 15 November 2021, LEVEL-5 announced the service will end for Japanese players on 15 December 2021.
- Fantasy Life 2 is actually a lot like the first game with added content. Siliconera. 13 April 2015
- Fantasy Life 2 Delayed Until 2016, Will Get A Beta Phase This Winter. Siliconera. 31 August 2015. Retrieved 25 October 2016.
- Fantasy Life 2 Beta Delayed To Spring 2016. Siliconera. 10 March 2016. Retrieved 25 October 2016.
- Fantasy Life 2 closed beta begins July 29 in Japan. Gematsu. 27 July 2016. Retrieved 25 October 2016.
- 「ファンタジーライフ」シリーズ最新作タイトル名を『ファンタジーライフ オンライン』に変更！. LEVEL-5. 21 October 2016. Retrieved 25 October 2016.
- Fantasy Life 2 smartphone now called Fantasy Life Online. Siliconera. 21 October 2016. Retrieved 25 October 2016.
- iOS/Android対応「ファンタジーライフ」最新作『ファンタジーライフ オンライン』サービス開始時期変更のお知らせ LEVEL-5. 16 December 2016. Retrieved 13 February 2017.
- 『ファンタジーライフ オンライン』“最終βテスト”本日4月28日（金）よりスタート！参加者枠は先着限定15,000名！ LEVEL-5. 28 April 2017. Retrieved 30 January 2018.
- Fantasy Life Online Delayed, Again, From April 2017 To Sometime In 2017 Siliconera. 13 June 2017. Retrieved 30 January 2018.
- Fantasy Life Online Delayed, Yet Again, From Its 2017 Window To Spring 2018 Siliconera. 22 December 2017. Retrieved 30 January 2018.
- Fantasy Life Online Delayed, Yet Again (Once More) From Spring 2018 To Summer 2018 Siliconera. 11 May 2018. Retrieved 16 July 2018.
- Fantasy Life Online launches July 23 in Japan Gematsu. 18 July 2018. Retrieved 18 July 2018.