Revealing mistake: As Reg fights with one of the baddies with the chainsaws, as the baddie take a swing with the chainsaw he misses and cuts into the wooden door. You can clearly see that a vertical cut has already been made in the wood though, to help the chainsaw get in and cut. (01:17:55)
Visible crew/equipment: In the white dimension room, the camera operator and equipment is clearly reflected in the black barrels stacked against the walls. (01:23:00)
Continuity mistake: Near the end of the movie, Mike gets sucked into the Phantasm dimension, followed shortly by Reg because he grabs hold of Mike to save him. Reg is left struggling to pull him out, with his feet stopping him from flying into the dimension because they are caught on one of the silver poles. However in a following shot, as the Tall Man carries Liz into the other room, in the background you can see the poles, and Reg's feet are missing from being caught on it. In the next shot we see Reg's feet still caught on the pole, saving him from entering the dimension. (01:23:15)
Visible crew/equipment: When the silver sphere flies into the Tall Man's head, the black guide wire which led the sphere into his head is plainly visible. (01:24:50)
Visible crew/equipment: Crew and cameras can be seen reflected in the silver sphere numerous times, especially as the sphere is embedded in the crematory henchman's hand and back. My personal favourite is when the silver sphere flies into the Tall Man's head, in a frontal shot you can see two crewmembers standing by a large grey camera, reflected in the silver ball. (01:25:00)
Continuity mistake: After Mike releases the silver sphere which drilled into the Tall Man's head, the Tall Man lifts Mike up by the neck. As he does this, the flamethrower on the floor behind him disappears between shots. (01:25:10)
Continuity mistake: At the end of the movie you can see a hand print on the window before it is touched. (01:28:25)
Revealing mistake: When the Tall Man gets hit with one of his own spheres he moves his head a bit too much in the subsequent shot where the sphere is drilling into his skull, and thus reveals the sphere's blades are actually dull props that are covered in fake blood to make it look like they're impaled in his flesh.