Picture this for a moment. Everyday you have the same worries, getting into college, whether some guy likes you, and how to avoid that nasty lunch at the cafeteria. Or maybe you're an adult with children of your own, and your life concerns instead putting a roof over their head.

Suddenly though, the Masquerade unravels, before your very eyes. Maybe you discover you can use magic, or maybe your friends are werewolves. So, know that you know, does everything about you change? Not really, life is about as interesting/boring as before, only with whatever added complications there are with this new knowledge.

This is by no means the only formula. In another case, there never was any Masquerade to begin with (at least, not for you). This story is more like a "day in the life" story, with the character being highlighted either a wizard themselves, or the friend of a wizard.

In either case, the emphasis of this trope is less on the fantasy aspects, and more on the mundane slice of life parts.

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• Black Rock Shooter has girls going to school everyday, talking to guidance counselors about their problems (and apparently leading double lives in a dream realm).
• Shakugan No Shana follows the everyday school life of Yuji Sakai who is not a normal school kid to start with as he is Dead To Begin With, who happens upon a moment between time where the souls of a city block are sucked away. What does he do with the rest of his time? Buy massive amounts of melon bread, juggle a harem, and hang out in school/enjoy festivals.
• Shinigami no Ballad is about the day to day "life" of a cute death god.