Husserl’s concept of imagination has been systematically presented in Husserliana XXIII, in which its manifold role has been set out. Through the different texts, the author shows that phantasy (Phantasie) should be considered as one of the modifications of pure re-presentation (Vergegen- wärtigung). The article first tries to underline the distinction between Husserl’s deliberation on this phenomenon and the traditional concept of imagination. Second, it shows the fundamental moments of constitutional consciousness in order to relate the notion of imagination to perceptual apprehension. At the very end, the notion of phantasy is connected with the idea of first philosophy and the question of possibil- ity of its realization