This paper studies the metaphorical meaning and the narrative structure of contemporary fairy tales along with their topics. The focus is on children’s characters that appear in a selection of Spanish fantasy films directed and/or produced by Guillermo del Toro y Juan Antonio Bayona. First, films by Del Toro are analyzed, namely, El espinazo del diablo (2001, director), El laberinto del fauno (2006, director) and Mamá (2013, executive producer, directed by A. Muschietti). Second, films by J.A. Bayona are examined, namely, El orfanato (2007, director), Un monstruo viene a verme (2016, director), and El secreto de Marrowbone (2017, executive producer, directed by Sergio G. Sánchez). The topics deal with mother-child bonds and the connections of the monstrous children characters with the world of fancy and ghosts.