This work is exceptional in various respects. Firstly, although titled a "Fantasy," its essence adheres to a four-movement sonata structure that flows continuously. Given that it is clearly demarcated by changes in tempo markings, key, and meter, it is plausible that Schubert himself intended a sonata-like fantasy.

Secondly, Schubert, who excelled at relatively free composition, challenged himself with a Beethovenian work structure. In this work, the entire piece is unified by the opening motif. The title "Wanderer" itself originates from the composer's Lied of the same name, which is quoted in the second movement. The theme of the first movement utilizes its accompaniment figure and is by no means melodically graceful. Nevertheless, it is exceptional in that its characteristic rhythm is exploited throughout the entire work.

Furthermore, Schubert is known for his struggles with counterpoint, yet he deliberately incorporates it in the fourth movement. A fugue in the final movement is characteristic of Beethoven. This can be seen as a sign of respect for his contemporary senior.

Finally, among Schubert's works, which often feature gentle musical ideas suitable for domestic music-making, this Fantasy contains intensely captivating sections and demands a considerably high level of technical skill. The well-known anecdote recounts that the composer himself could not master it, exclaiming, "Let the devil play such a piece!"

While this is a special work for Schubert, it is also a characteristically Schubertian piece, with his unique lovely melodies appearing throughout and his masterful harmonic changes employed attractively. Above all, although it is sonata-like, one must not forget that it remains a fantasy, given how its themes develop freely and improvisationally.

First Movement

Allegro con fuoco ma non troppo, C major, 4/4 time. Although in sonata form, the recapitulation is omitted. This is likely due to a plan for overall unity rather than each movement being self-contained.

Second Movement

Adagio, C-sharp minor, 2/2 time. Variation form. The theme is from "Der Wanderer" D649. This movement requires considerable technical skill but is the most varied, allowing one to enjoy the development of the theme.

Third Movement

Presto, A-flat major, 3/4 time. Both in character and form, it appears to be a scherzo movement. However, it progresses developmentally towards the end, leading into the final movement.

Fourth Movement

Allegro, C major, 4/4 time. Returns to the key and meter of the first movement. Beginning with a fugue, this movement once again displays the vigor of the opening movement, concluding the entire work with a brilliance befitting a finale.