Sexual fantasy occupies a contested and richly theorized position across the depth-psychology corpus. The tradition inherits a Freudian legacy in which fantasy was regarded with ambivalence—a potential symptom of neurosis, a substitute formation for frustrated libidinal aims, or a screen obscuring traumatic reality. Jung complicated this inheritance by situating fantasy on a psychic spectrum between instinctual impulse and spiritual image, dissolving the strict Freudian hierarchy of sublimation and granting fantasy autonomous psychological status. Hillman extended this Jungian move into explicitly archetypal territory, reading pornographic and erotic imagery through the mythological lens of Priapos and Aphrodite, insisting that lustful fantasy images are themselves pattern and form of desire rather than mere discharge of it. Perel, writing from a clinical-relational vantage, mounts the most sustained contemporary rehabilitation of sexual fantasy, arguing against centuries of theological and psychological pathologization: fantasy, for Perel, is a creative, healing, and restorative force—neither a symptom of relational failure nor a confession of wish fulfillment, but an imaginative medium through which the psyche repairs, compensates, and transcends. Guggenbuhl-Craig contributes a clinical observation that analysts, no less than patients, generate sexual fantasies in the therapeutic dyad, and that these are best understood as physical expressions of relational life rather than simply transference phenomena. The field’s key tensions remain: whether fantasy signals deficiency or abundance, whether it threatens or enriches intimate bonds, and whether its contents demand literal or symbolic interpretation.