The ride's storyline starts with Solar Princess Kosumia contacting the guests and informing them that the entire universe is at risk due to the sun's energy beginning to run out and that she needs their help in restoring it. From there, guests board a special space vehicle that contains the Stardust energy needed to re-energize the sun, and then embark on an adventure that takes them past sights like different planets, starfields, and meteor showers.
The coaster opened on March 18, 2010, in place of E.T. Adventure. Throughout certain times of the year, the coaster is closed down and used for the park's Universal Cool Japan event, where via virtual reality helmets, the ride is given an overlay based on a popular domestic property.
Space Fantasy: The Ride provides examples of:
- Alternate Company Equivalent: It's pretty much Universal's answer to Space Mountain.
- Asteroid Thicket: At one point in the coaster, guests find themselves dodging a meteor shower.
- Batman Can Breathe in Space: Despite the completely open space vehicles, guests have no problem with breathing throughout the experience.
- Conveniently Close Planet: Guests fly to planets like Saturn and Mercury and then back to Earth all within three minutes.
- Epileptic Flashing Lights: Riders are met with a heavy amount of these right at the climax of the coaster, as they "enter" the sun to re-power it.
- Fantastic Fireworks: At the end of the ride, the sun fairies use their own powers to make fireworks in space.
- Halloween Episode: Halloween Horror Nights in 2019 introduced Space Fantasy: The Ride - Black Hole, an alternate version of the ride that takes place in complete darkness.
- Our Fairies Are Different: The attraction features a space version of fairies, known as "sun fairies", which appear to be the many companions of Kosumia.
- The Power of the Sun: In the attraction, said power is running out and needs to be restored with the riders' help.
- Princesses Rule: Kosumia is the Princess of the Sun and appears to be its ruler, as no other authority figures besides her are shown.
- Robot Buddy: The attraction has G-Bot, a talking communications satellite that talks with guests in both the queue and the ride.
- Saving the World: The plot has guests saving the entire universe by restoring life to the sun.
- Space Is Air: Even with the attraction's space setting, riders still move through the cosmos as if there isn't zero gravity.
- Spectacular Spinning: The coaster cars spin throughout the ride.
- Title: The Adaptation: Space Fantasy: The Ride