Okay, it seems to be inevitable in lieu of the discussions on the last board, so here it is. I'll post my own list when I get the chance. In the meantime, feel free to contribute.
Okay, I'll start the fantasy song list.
"St. George and the Dragon" - Toto
"Werewolves of London" - Warren Zevon
"Nosferatu" - Blue Oyster Cult
"Black Blade" - Blue Oyster Cult
"Morning Final" - Blue Oyster Cult
"After Dark" - Blue Oyster Cult
"Xanadu" - Olivia Newton John and ELO
Eldorado - Electric Light Orchestra
More as I think of them. Of course. 
np - Garage Inc. - Metallica
"It's all one song." - Neil Young
Would the Beatles' "Magical Mystery Tour", "Lucy In the Sky With Diamonds" and "Yellow Submarine" qualify?
"It's all one song." - Neil Young
16th Century Greensleeves" - Rainbow
"Stargazer" - Rainbow
"Gates of Babylon" - Rainbow
"Sacred Heart" - Dio
"Egypt (The Chains Were On)" - Dio
(I'm sure lots of other Rainbow/Dio songs qualify too.)
"Black Knight" - Pendragon
"Grendel" - Marillion
"Spanish Train" - Chris De Burgh
"The Tower" - Chris De Burgh
"Highwayman" - Stevie Nicks
"Rhiannon (Will You Ever Win)" - Fleetwood Mac
"It's all one song." - Neil Young
"Zor and Zam" - THE MONKEES (actually more allegory than fantasy)
"The Battle of Evermore" - LED ZEPPELIN (another Zep song, "Ramble On", contains references to figures from the works of Tolkein, although the song itself does not seem to be a fantasy epic).
"Are You Sitting Comfortably?" - THE MOODY BLUES
"Bytor and the Snow Dog", "Rivendell", "The Necromancer", and "The Fountain of Lamneth" - RUSH
"The Wizard", "Rainbow Demon" and "The Magician's Birthday" - URIAH HEEP
"The Fountain of Salmacis" (telling the myth of Hermaphroditus), "Supper's Ready", "Dancing With the Moonlight Night", "The Squonk", others - GENESIS
"Tarkus" - EMERSON LAKE AND PALMER (or maybe it should be considered sci-fi?)
"Witch Wolf" and "Man of Miracles" - STYX
"Lizard" and "In The Court of the Crimson King" - KING CRIMSON
"Winter Wine" and "In The Land of the Grey and Pink" - CARAVAN
"Mysteries and Mayhem/The Pinnacle" - KANSAS
A great deal of the early MARC BOLAN and TYRANNASOURUS REX, too many to list here.
"The Wizard" - BLACK SABBATH
"The Gnome" - PINK FLOYD
"Teeny Tiny Gnome" - THE MONKEES
Odgen's Nut Gone Flake, THE SMALL FACES (The side of the album which tells the fairy tale of Happiness Stan)
Also I'm pretty sure that in addition to B.O.C., Hawkwind has an album based on Moorcock's Elric saga, but I can't think of the name right at the moment.
Broadsword and the Beast, JETHRO TULL
I tend to think of the Monkees' "Zor and Zam" as more allegorical than anything else. Beyond mentioning "two little Kings", there really isn't any fantasy elements to it. IMHO. For what it's worth.
I've thought of a couple of Charlie Daniels Band songs: "The Devil Went Down to Georgia" and "The Legend of Wooley Swamp".
np - A Night At the Roxbury Soundtrack - various artists
"It's all one song." - Neil Young
"Stonehenge" - Spinal Tap
np - Filth Pig - Ministry
"It's all one song." - Neil Young
A good deal of Donovan's songbook would fall in the "fantasy" category. "Legend of a Child Linda", "Three King Fishers", "Bert's Blues", "Guinevere", and especially "Atlantis" all come to mind.
Gah! I forgot "Season of the Witch". Sure, Donovan's original version it a bit to vauge to be truly "fantasy", but Vanilla Fudge's scarifying cover - with a lengthy spoken section - probobly qualifies.
np - A Good Tip For A Good Time The Cato Salsa Experience
"Ramble On" -- Led Zeppelin
"Twas in the Darkest depths of Mordor
I met a girl so fair,
But Gollum and the Evil One
Crept up and slipped away with her."
Sorry, I missed Todd's post just above.
\Emily-Latella{Never Mind!}
The Police's "Wrapped Around Your Finger" seems to have fantasy elements, it seems to be about an apprentice sorcerer plotting to become more powerful in magic than his master.
By Queen: Great King Rat, My Fairy King, Jesus, Seven Seas of Rhye, Mad the Swine, Ogre Battle, Fairy Feller's Masterstroke, March of the Black Queen, and (borderline case) White Queen (As it Began).
And that's just their first two albums.
The third album continues somewhat with Lily of the Valley, afterwhich there aren't (m)any more.
Also Molly Hatchet's Ghost Riders in the Sky.
Also Molly Hatchet's Ghost Riders in the Sky. - Kevin
(Just because this is a nitpicker's board, but...) I think you may be thinking of The Outlaws with that one, Kevin. It's a cover of a song by Stan Jones first recorded by Gene Autrey (I think???). Good choice either way.
OK- I'll add one of my own:
The Tower by Julian Cope, off of his Jehovakill disc. It's a metaphor for Christianity, though the narrative is definitely in the fantasy ballpark.
Just about anything Manowar wrote could fit in here. Anyone ever listen to Manowar? They sort of remind me of "Masters of the Universe."
re: Ghost Riders in the Sky. I sit corrected. I've been wrong about who the singer was all these years. I also didn't know it was as old as it is. (That song is about as close as I ever come to country, that or early some Beatles stuff.)