Use this card in a A-to-Z Deck to make sure you don't run out of monsters to fuse.
A good option for this card is "D.D. Warrior Lady", since most of time it is removed from play by its own effect.
Play "Phantom of Chaos", copying the effect of a LIGHT monster. You can then retrieve that monster for later use with this card.
This card works great with "Master Hyperion" and the "Agent" archetype, since you will be removing a lot of LIGHT monsters from play.
This card can be a useful Side Deck choice against Macro decks for a deck that runs a lot of LIGHT monsters but heavily relies on the Graveyard.
If you banished a LightDragon to special summon "Red-Eyes Darkness Metal Dragon", you can use this card to bring the banished monster back to your hand and special summon it back to the field with "Red-Eyes'" effect.