Heroic Fantasy is a computer-moderated, dungeon crawl play-by-mail game. It has been active since 1982 when it was published by Flying Buffalo. The initial edition involved nine dungeon levels. Flying Buffalo published subsequent editions due to challenging gameplay initially, eventually limiting the game to four dungeon levels with a fifth outdoors level where players can assemble an army and capture one or more castles. The game is open-ended; gameplay continues until players decide to stop.

A play-by-mail game is a game played through postal mail, email, or other digital media. Correspondence chess and Go were among the first PBM games. Diplomacy has been played by mail since 1963, introducing a multi-player aspect to PBM games. Flying Buffalo Inc. pioneered the first commercially available PBM game in 1970. A small number of PBM companies followed in the 1970s, with an explosion of hundreds of startup PBM companies in the 1980s at the peak of PBM gaming popularity, many of them small hobby companies—more than 90 percent of which eventually folded. A number of independent PBM magazines also started in the 1980s, including The Nuts & Bolts of PBM, Gaming Universal, Paper Mayhem and Flagship. These magazines eventually went out of print, replaced in the 21st century by the online PBM journal Suspense and Decision.