Urban fantasy is a subset of contemporary fantasy, consisting of magical novels and stories set in contemporary, real-world, urban settings--as opposed to 'traditional' fantasy set in wholly imaginary landscapes, even ones containing imaginary cities, or having most of their action take place in them. The modern urban fantasy protagonist faces extraordinary circumstances as plots unfold in either open (where magic or paranormal events are commonly accepted to exist) or closed (where magical powers or creatures are concealed) worlds.
Magic realism (or magical realism) is an artistic genre in which magical elements appear in an otherwise realistic setting.
Mythic fiction is literature that is rooted in, inspired by, or that in some way draws from the tropes, themes and symbolism of myth, folklore, and fairy tales. (The term is widely credited to Charles de Lint and Terri Windling ♥♥♥)
Fairytale fantasy is distinguished from other subgenres of fantasy by the works' heavy use of motifs, and often plots, from folklore.
Hello! This is just one of those reference posts to make sure everyone's basically on the same page. Some explanations for the genres mentioned on ther userinfo: