The Phantom  was a giant black manta/shark ghost able to produce heat that was captured in an undisclosed bust.
During its first encounter with the Ghostbusters and Slimer, the Phantom appeared to be haunting a warehouse. Slimer spotted him and the guys trapped him. Some time later, it remembered Slimer upon seeing him and escaped the Containment Unit by hiding under the Stay Puft Marshmallow Man's collar. After escaping with Stay Puft, it kidnapped Slimer to lure the Ghostbusters into a confined space. It then stole Ray Stantz and Egon's Proton Packs and proceeded to kill them when Winston Zeddemore and Peter Venkman arrived in Ecto-2 . The Phantom took several blasts but fled the scene.
Soon enough, it tried to distract Stay Puft but Egon boosted his homing signal to attract the Marshmallow Man. The Phantom then went into the sewers and followed the group to Battery Park. It then melted the street directly below Ecto-1 and used its heat to wield the doors shut. The Phantom then operated a crane to lift Ecto-1, with the Ghostbusters inside, and threw it into the New York Harbor. Luckily, Ecto-1 had its water raft addition and floated to safety. Stay Puft grabbed the crane and snatched the Phantom by its tail. Slimer then manned the controls to reel it in. The Ghostbusters confined the Phantom in the Proton Streams then trapped it for good. Marty Tillis, president of the Stay Puft Marshmallow Company, recorded most of the bust on camera.
The Phantom doesn't seem to have any sentience, yet it does seem intelligent, as it remembers its previous encounter with the Ghostbusters and could formulate plans to trap the Ghostbusters.
The Phantom is able to produce heat, enough to burn through cement.  It can fly and is also very fast and agile. Oddly enough, it could also quickly understand and operate a construction crane.
- On the subscription cover of Ghostbusters Volume 2 Issue #13, the Phantom makes a non-canon cameo.
In the episode "Afterlife in the Fast Lane," there was a completely unrelated ghost also named The Phantom. This version was a Class 7 with the appearance of a pale, thin man dressed in black with a cape and a wide-brimmed hat. He attempted to trap the Ghostbusters in the Netherworld until Janine Melnitz and Louis Tully freed them.
- ↑ Ray Stantz (2009). The Real Ghostbusters - "Sticky Business" (1987) (DVD ts. 10:07-10:08). Time Life Entertainment. Ray says: "It's the Phantom!"
- ↑ Winston Zeddemore (2009). The Real Ghostbusters - "Sticky Business" (1987) (DVD ts. 10:08-10:09). Time Life Entertainment. Winston says: "That guy could burn a hole in cement."