This essay will explore some of the ambiguous interactions between imaginary spaces and material reality as articulated by Barbie, considering the implications for its understanding of womanhood. First outlining a series of oppositions between fantasy and reality, Barbie and “real women” in the film, I will then highlight the ways in which this binary framework is ultimately undermined. With reference to both media theory and trans theories of embodiment, I will argue that the film resists oppositions between imagination and reality in ways that are generative and progressive, yet which simultaneously serve to enhance the film’s marketability.