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Typically, one model is chosen among the Angels to wear a bejeweled bra dubbed the "Fantasy Bra". It was first advertised in the Victoria's Secret catalog, but since 2001 has been worn in the fashion shows. Prior to each fashion show, Victoria's Secret contracts a renowned jewelry designer to craft the bra to be used as a focal point for promoting the fashion show and as a centerpiece within it. The company offers the Fantasy Bra for sale as "the ultimate holiday" gift. However, only the centerpiece from the 2004 Heavenly "70" Fantasy Bra and the 2012 Floral Fantasy Bra and Gift Set have found a buyer. If not bought, the bras are dismantled after a year.

Heidi Klum and Adriana Lima have worn the Fantasy Bra in three different years. Gisele Bündchen, Karolína Kurková, and Alessandra Ambrosio have each worn two Fantasy Bras.

The $15 million price tag for the 2000 bra worn by Gisele Bündchen earned a place in the Guinness World Records as the most expensive item of lingerie ever created.

Listed below are the prices per set (including accessories for the 2007 and 2013 editions, the 2013 bra alone is worth $8,000,000. The 2012 Floral Fantasy Bra was accompanied by a $500,000 perfume bottle.

In 2014, for the first time, two fantasy bras were created. They were worn by Alessandra Ambrosio and Adriana Lima and were valued at $2,000,000 each.

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