Illusory Studio is first visited in Chapter 4. The entrance is located in Daiba Studio. The party enters the Idolasphere after a Mirage-controlled Kuen Tarachino rushes in, wanting to find a new set to record in after repeatedly getting frustrated at the actors' incompetence. The boss at the end is Excellus.
In Chapter 4, the party enters using the left door, finding a monitor room with ten screens overhead in a 2x5 configuration; eight screens displaying SMPTE color bars, one screen displaying "Sponsored by Treasure Stash Co." and one screen displaying "Episode 1: Detective Maho on the Scene". The party enters through the next door, which consists of rooms in a 2x5 configuration, with the position of the monitors in the previous room corresponding to the rooms Itsuki can enter to progress. Going through a door corresponding to the color bars results in Itsuki being transported back to the monitor room, with the phrases being shuffled to a different location (this also happens every time Itsuki enters the monitor room), going through the Treasure Stash room results in entering a secret area with treasure and going through the door corresponding with "Episode 1" allows Itsuki to find Kuen Tarachino, who instructs them to defeat three Biomonsters to continue.
Transported back to the monitor room, a second program is added: "Episode 9: Tears and Justice". Itsuki must enter the corresponding room to find the LCD Panels room, which is split into four sections, each connected by a large board with tiles. Kuen Tarachino enters Door 1, whilst Itsuki enters from Door 3. Here, Itsuki must travel above the panels to reach other sections of the room, each with buttons that changes the appearance of a column of panels; blue panels allows Itsuki to travel without issue, lava panels cannot be traversed on and action tiles forces the party to either defeat enemies within four rounds, decrease Yen, inflict random status effects on party members or decrease HP or EP. When the tiles create a path to Door 1, the party find Kuen, with a culprit Mirage and a Mirage disguised as Ayaha, unbeknownst to the party. Kuen orders Tsubasa to perform, explaining why the culprit Mirage was in the wrong. Failing the first time, the party return to Fortuna Office for Tsubasa to gain inspiration. After performing Radiant Unity, the party reenters Door 1, where Tsubasa is able to please Kuen with her acting. The Mirage disguised as Ayaha reverts to their true self, and a battle is initiated with both the culprit Mirage and the culprit Mage.
Defeating the two Mirages, the party is transported back to the monitor room, with another program added: "Season Finale: Farewell, Detective Maho". Entering the corresponding room, Itsuki ends up at Door 4 of the LCD Panels room, while Kuen enters Door 2. Finding a path, the party enters Door 2, where Kuen orders Tsubasa to do a kiss scene with Itsuki. Satisfied by both of their performances Kuen announces a final scene, a fight with Yashiro. However, Excellus intervenes, stating that the Performa of the party would increase his glory. Kuen releases Excellus, and a battle is initiated with both Excellus and Yashiro, whom the party defeats.
The party revisit Illusory Studio is Chapter 5, after being notified by Tiki that here is an immense amount of Performa that must be cleared to progress in Illusory Daitou TV. The previously sealed wall to the right of the entrance can be destroyed, and Itsuki can enter the room. The room is another monitor room, instead with monitors displaying a number from 0-9 in a 2x5 configuration. A Mirage hands them a note with six numbers. Itsuki must enter the room corresponding with the number on the monitor in the correct order shown on the paper, or Itsuki must try again. However, the monitor rooms are separated, into 1x5 configurations, and the only way to go back and forth is to enter the correct door until the last door, which holds the stream of Performa. After defeating the Mirages guarding the Performa, it is removed and the party can progress.
- A Mirage can be found in the right door from the entrance, where the completion requirement is to complete Touma's and Eleonora's third side stories, Yashiro's second side story and speak to the three statues in Illusory Dolhr. When the request is completed and Itsuki reenters the room, three programs would be added on the monitors, each showing one of the aforementioned party members. When Itsuki enters a room corresponding to the party members, a room with treasures can be explored, with each character having their own separate treasure room.
- In Eleonora's second side story, the party must defeat a group of Regans, before immediately facing three Blairs.
- In Yashiro's second side story, the party must defeat a Mirage by mainly using skills only Yashiro and Eleonora can use that can only trigger a Session against the boss Mirage.
- In Barry's third side story, the party must pursue a jealous Barry by entering the rooms using the same numbers from Chapter 5 to find Mirages that must be defeated.