Level 5, a game publishing company known for "Professor Layton" and "Scribblenauts" series, announced "Fantasy Life 2: Two Moons And The Village God" at the recent Vision 2015 event in Japan. 3DS owners won't be getting it though, as it will be for Android and iOS platforms only.
However, according to Pocket Gamer, 3DS owners would not really miss out a lot with the sequel as it is technically the same with the first one. "Fantasy Life 2: Two Moons And The Village God" will still feature 12 different classes, referred to as Lifes. Players can choose from any from these Lifes and switch back and forth as they wish. It still feels like "The Sims" + "Final Fantasy".
Siliconera also reported that the game will be featuring the exact same aesthetic that the original "Fantasy Life" for the 3DS had. The only advantage of these are potentially higher definition images, especially with mobile devices with relatively high pixel-per-density and resolution. The 3DS barely reaches the HD quality that most Android and iOS devices sport.
Another major difference that "Fantasy Life 2: Two Moons And The Village God" has with the original "Fantasy Life" is the plot. Instead of going through unique stories per Life, the mobile game will focus more on building the player's own village, filling it with residents and expanding it as needed. Monster hunting is still a part of the game as well as the multiplayer mode (which sounds very similar to another 3DS title called "Monster Hunter").
"Fantasy Life 2" is scheduled to be released first in Japan this summer for iOS and Android platforms. There is no official announcement for western release as of the moment.