The song was first uploaded on July 12, 2009; and is Macguffin's (a name of a circle consist of 5 members, Chie-P, Goki, Ebisen, Ryotai, and Sumomo). Ryotai handled the lyrics, he's also more notably known as a lyricist in the song "Witch", Sumomo as the illustrator / video editor, and Chie-P did the arrangement and lyrics along with Ryotai. The song was uploaded to promote Macguffin's album distributed for the Comiket event.
It's written on Macguffin's video description that "Sword and Magic Fantasia" was inspired by Zekbacht. Macguffin admitted they liked the style / songs to Zektbach and wanted to produce a similar feel to it. They also described the song as a "dark pop" like song.
"Sword and Magic Fantasia" tells a story of a knight (Len) and a witch (Rin) who fell in love with each other. Despite knowing the fact that they could never be together and questions the existence of "happy endings" for everyone. They later suicide which the two found ironic, saying the last page of the magic spell was "I want to die".