Sort of. Think of the Magic Kingdom as being a three story facility. At the ground level (although they seem underground), there are the utilidors which are hallways Cast Members use to navigate through the MK. There are also a bunch of other things down there, but that's a whole thread.
On the second floor, most of the Magic Kingdom park (where guests walk and enjoy attractions) exsits. But, Fantasyland sits on the third floor.
You can visualize this - as you walk from the edge of the Seven Seas Lagoon (where the Polynesian/Grand Floridian boat drops you off) you go uphill as you approach the MK gates. This walk takes you from ground level to the second floor. Then, any way that you get to Fantasyland (either up through the castle, up either hill next to the castle, up the hill adjacent to the Mad Tea Party, or up the hill from the Haunted Mansion to It's a Small World) you are climbing from the second to the third floor.