Summary In opposition to the traditional empiricist understanding of phantasy as a copy of perception and therefore as a weakened form of experience, this paper interprets phantasy as an independent and creative modus of consciousness that is responsible for the individuation of the subject. The article reconstructs Husserl’s approach to phantasy as a specific kind of intentional operation as well as its relationship with mood-intentionality, bodily-kinesthetic expressivity and with hyletic anticipation as a structure of sensibility. In this way, the bi-valence (...) of human experiential orders is claimed and the concept of bodily phantasy is pointed out. This leads the phenomenological analysis closer to the psychoanalytical approach to fantasy. The latter is investigated with reference to Freud’s concept of primary processual thinking and Gaddini’s understanding of bodily phantasy as a specific individuation factor within the personal history of bonding. (shrink)