I always thought the five subcategories of fantasy are: high fantasy, adventure (sword and sorcery) fantasy, fairy tale fantasy, magical realism, and dark fantasy. It's not my idea though, I read it from this book: The Writer's Guide to Fantasy Literature. The authors called it 'The Five Golden Rings of Fantasy.'
If I was making the list, I'd add satirical fantasy in there, but then again, couldn't satirical fantasy fit it into any one of the above categories? Instead of taking itself seriously, satirical fantasy could be just high fantasy or sword and sorcery played for laughs.