Every reader of literature interprets the literary text on the basis of information they have acquired from previous reading, and according to norms they have established, either consciously or not, with regard to a work of literature. In this study, originally published in 1985, the author clarifies the concepts of magical realism and the fantastic, and establishes a series of guidelines that will allow us to distinguish between the two similar yet independent modes. The reader will thus be able to identify the implicit framework upon which the author of the fantastic and of magical realism bases their text.