This study examines and identifies the differences in compositional approach in the operatic fantasies based on Bellini’s La Sonnambula and Weber’s Der Freischütz by Franz Liszt and Julian Fontana. These four fantasies are placed in the context of musical conventions and audiences in the first half of the nineteenth century. The two operatic fantasies by Liszt that are included in this study are representative of reinterpretations that employ formal and textural features suitable for the concert repertoire of piano virtuosos. In contrast, the fantasies by Fontana are indicative of the potpourri style, and suitable both for amateur performance as well as for pedagogical use. The different functions and purposes of the operatic fantasies of Liszt and Fontana are compared and contrasted, with attention to each composer’s respective intended audiences as well as their distinct compositional intentions.