This paper deals with the topic of Fantastic Elements in the novel Master and Margarita. This novel was written by Russian writer Mikhail Afanasevic Bulgakov in the 1930s (he began writing it in 1929 and continued until his death in 1940), but the novel wasn't published until 1966. It was first published as an unfinished version, and later, in 1973, as a final complete version. Since the writing and publishing of this novel took place under specific socio-political circumstances, this work will, besides analyzing the fantastic elements in the novel Master and Margarita, also address the study of the function of these elements in the work according to said specific socio-political circumstances. Apart from the fantastic elements and their function, attention will be paid to the text's subversion. Mikhail Bulgakov used both fantastic elements and subversion in his novel to indirectly criticize Stalin, the socialist regime and the USSR. He also expressed his bitterness towards the literary world in Russia, which was, under Stalins supression, limited to the praise of socialist state and the Russian national heroes, while autors who wrote about different themes were not able to publish their work.