The game uses a unique payment system, in which the player must pay to create an account (character) in the game, then must pay a certain amount every time they access the account, rather than playing the game itself, as there is a free "trial" account available which only covers the opening covnersations of the story. Fans have responded postively about the system.
The game quickly became the most played arcade title in Japan for 3 weeks straight, breaking all expectations for the game. So much money was spent on the game it actually was enough to pay for a full-fledged sequel (though the developers instead distributed the money among their employees and various charities. The game became so popular that a sequel, Phantasy: Fairy Gakuen 2, was greenlit and released within a year of the first. Sold in arcades with the game are special memory cards, which can store one account's worth of data like a credit card. The player can use this to save their data and bring it over to the sequel.
Fairy Gakuen was one of the two Phantasy Gakuen titles to be ported to consoles in the game Phantasy: Fairy Gakuen GOLD.