The Palmer's butler is named Falkmoore. This name is derived from Lee Falk, The creator of The Phantom, and Ray Moore, The Phantom's first artist.
The name Jimmy Wells ('Tenney, John') was Lee Falk's original name for "The Phantom"'s alter-ego before deciding upon the mantle of "Kit Walker".
The title character was originally to be played by Bruce Campbell.
Billy Zane pumped iron for over a year to fill The Phantom's costume. A Batman-like costume with fake muscles was reportedly made, but by the time filming started, Zane was so beefed up that he did not need it.
Joe Dante was originally slated to direct, but left due to other commitments. Before this, Joel Schumacher was considered for the directing job.
Several scenes developing the romance between The Phantom/Kit Walker and Diana Palmer were shot in Thailand, but director Simon Wincer reportedly ditched them because he wanted the film to be more fast-paced.
Loosely based on Lee Falk's first stories from The Phantom comic strip, "The Singh Brotherhood" and "The Sky Band". Screenwriter Jeffrey Boam added the elements of bad guy Xander Drax and his search for a weapon of doom.
One of The Phantom's trademarks in the comic strip, his striped "underpants", was tried on the movie costume, but reportedly looked too silly to use in the final film.
When not filming, Billy Zane had a habit of running down to buy sushi in a store wearing his Phantom costume.
Dolph Lundgrenwas considered for the lead when the project was in development in the late eighties, early nineties.
The "Palmer mansion" set is actually the real-life "Playboy" mansion owned by Hugh M. Hefner.
The Phantom wears two rings, one on either hand. One of them is obviously the skull ring which he wears on his right hand, and the other is worn on his left hand, and is his personal Coat of arms (or seal) which he gives to his closest friends and allies, which guaranties that he will come to their aid if they ever need his help.
The Skull is a dominate symbol in The Phantom’s life. He lives in the Skull Cave, he wears the Skull Ring, and in the movie he was trying to find 3 Skulls. If you look closely at his costume you will even see a skull design on it.
The Story takes place in 1938/39 (just before the United State entered World War 2). This is taken from the fact that Kit told Diana that it had been 6 years since they had last seen each other, and that Kits father was killed by Quill in 1932, which can be seen on his tomb marker in the cave when Kit places the gun belt that he retrieved on it at the end of the movie. Another indicator of the year is the banner hanging at the entrance to the Museum of World History (it says 1939).
Though Capt. Philip Horton appears to be the leader of the Jungle Patrol, it is actually the Phantom that leads them. This is because the Patrol was started by an earlier Phantom to protect the jungle when he is not there. This is one of the most heavily guarded secrets of the Jungle Patrol.