Fullmetal Alchemist: Dream Carnival is the first Fullmetal Alchemist fighting game for the PlayStation 2 and is the second Fullmetal Alchemist video game for the PlayStation 2. It was released in Japan in 2004, but was never translated or sold in North America or Europe.

The game's story involves a fighting tournament during a large festival that allows for any pair of fighters to participate. The participants are allowed to use weapons and alchemical skills. The game's main characters are Edward Elric, Alphonse Elric, and Roy Mustang. The fighting involves the two versus two style of game playing. Each team shares a "star" meter which decreases each time one member of the team dies. If all the stars disappear, the battle ends.