Carnival Phantasm is based on Takenashi Eri's Take Moon Gag manga, the author of Kannagi: Crazy Shrine Maidens and character designer of Girls' Work. This OVA series is a comedy parody anime featuring characters from several different anime participating in a silly game show and was created by Type-Moon to celebrate the company's 10th anniversary.

The series focuses on funny and absurd situations happening to the Various characters from Type-Moon's works such as Kara no Kyoukai, Fate/Stay Night, and Tsukihime are featured in this. It also uses stories based off of doujins collected in official anthologies. It introduces three new Neco-Arcs, Neco-Arc Bubbles?, Neco-Arc Destiny?, and Neco-Arc Evolution. There are currently no plans for a film version.