Fortune completed seven novels during her lifetime. Four were occult and fantasy themed: The Demon Lover, The Winged Bull, The Goat-Foot God, and The Sea Priestess. The literary scholar Susan Johnson Graf categorises these alongside the work of H. Rider Haggard, Algernon Blackwood, Charles Williams, and Arthur Machen. The other three were romantic thrillers published under the pseudonym of "V. M. Steele": The Scarred Wrists, Hunters of Humans, and Beloved of Ishmael. Writing thrillers was one of few activities Fortune took part in unconnected to her magical work, and was something she did not publicise. Knight believed these three novels testified to the idea that "she must really have loved writing for writing's sake". An eighth novel, Moon Magic, was left unfinished but completed by her protégé and published posthumously.

Fortune saw her occult novels as an important part of her Fraternity work, initiating readers into the realms of occultism by speaking to their subconscious, even when their conscious mind rejects occult teachings. She thus perceived them as a means of disseminating her teachings to a wider audience. Each was related to one of the Sephirah on the Qabalic Tree of Life: The Winged Bull was associated with Tiphareth, The Goat-Foot God with Malkuth, and The Sea Priestess with Yesod.

The Goat-Foot God revolves around a wealthy widower, Hugh Patson, who teams up with an esoteric bookseller to seek out the ancient Greek god Pan. They achieve this with the aid of a poverty-stricken artist, Mona Wilton, who becomes close to Patson as the novel progresses. Richardson described The Goat-Foot God as "a masterpiece ... the finest occult novel ever written". ([...])