LÖVE

im trying to make a fantasy console
but im wanna know is lua and love good for making that

I guess as far as lua goes, pico8 also uses lua for its scripting interface.
As far as löve goes, what you can or can't do with it in regards to making a fantasy console just comes down to your capabilities as a developer, and what you actually want to do with it.

Liko-12 is a Löve fantasy console inspired by Pico-8.

picolove is a Pico-8 clone that tries its best to keep compatibility.