Whereas past research has demonstrated that children's beliefs about the real world can influence their memory for events, the role of fantasy beliefs in children's recall remains largely unexplored. We examine this topic in 5- and 6-year-olds by focusing on how belief in a familiar fantasy figure, namely the Tooth Fairy, is related to children's memory for their most recent primary tooth loss. Although children who fully believed in the reality of the Tooth Fairy provided more voluminous and complex accounts than those with less strong beliefs, they also provided the most fictitious reports, frequently characterized by claims of hearing or seeing the Tooth Fairy. Belief in the Tooth Fairy did not affect the accuracy of children's reports of the mundane elements of their tooth loss, and many fantastic claims were linked to real events. Exposure to seemingly tangible evidence of the Tooth Fairy's existence was associated with the provision of fantastic claims. (Contains 4 tables.)