The story of Bomberman Fantasy Race revolves around a racing competition set in a fantasy world, where characters from the Bomberman universe participate in a race called Fantasy Race. In this competition, it's not just speed that matters; players must also use strategy and skill in placing bombs to hinder their opponents and destroy obstacles in their path. The main characters in the game include Bomberman and other characters with unique abilities. Each character has their own driving style and special abilities that they can use during the race, such as placing bombs to block opponents, using special items, or dodging obstacles on the racetrack.