my favorite part of this kind of writing is the ideas that you can use. you can use talking blue-haired crics with two hundred eyes to just plain wizards. (personally, i like the first one the best.)
one element i use in my stories is hero’s journey. it’s like this: the hero starts in a normal life, see, then there is a call to adventure. then there’s a assistance, then departure, then trials, blah blah blah, then the hero wins and goes back to his normal life, but with something better.
the best fantasy story i read was Roald Dalh’s fantastic mr.fox. it’s good because i like stories with talking animals (especially penguins).