Yes, Lords of the Fallen is a fantasy RPG. You can tell because there's an elderly man narrating stuff about "evil against evil", "stains on humanity" and "the world's only hope" during the below trailer. It's all very serious, as fantasy RPGs are wont to be. Lords of the Fallen doesn't look set to push the boundaries of the genre in terms of setting, but many are holding out hope that it'll tide us over until the next Souls game.
Well, maybe that's underselling it a bit. The trailer doesn't show any combat or gameplay but it does give us an idea of how the world looks, and it looks pretty good. Developers City Interactive have been pretty forthcoming about the game's influences, and the combat does look exceptionally good . We'll find out for sure come October 31.