GURPS Fantasy Third Edition is completely different from the two earlier books bearing the same name. This version is a generic source book for GMs building their own fantasy campaigns and includes guidelines on setting creation, campaigns, character creation, monsters, magic, etc. The one major subgenre that is not covered is modern fantasy, like that found in the works of Charles de Lint. The book also has an extensive collection of character templates and concludes with a capsule setting that is a fantasy version of Rome.

From the publisher's website:

Create a world that could never be! GURPS Fantasy is the complete toolkit to let you build a campaign of heroic deeds and wondrous magic. It discusses the genre in depth – with all its subgenres and inspirations (myth, novels, movies, etc.) – allowing you to handle any kind of fantasy.

GURPS Fantasy gives detailed, concrete advice for assembling fantasy settings – from the basics of the landscape itself, through its inhabitants and cultures, to the details of believable histories and politics. It also examines the nature of supernatural forces, and discusses the impact of wizards, monsters, and gods. And, of course, it looks at the many ways that magic and users of magic can work in a fantasy world.

And, perhaps most important, it advises GMs and players alike on the kinds of characters appropriate to fantasy – including ordinary folks, people with fantastic powers, and nonhumans.

Whether your model is Tolkien, Jordan, or Leiber, this book will let create a town, a country, or an entire world.

The material from previous editions of GURPS Fantasy has been incorporated into GURPS Magic (the magic system and spells) and GURPS Banestorm (the Yrth setting).