Seconding what others have said... it's LIKELY that you'll be able to cut it down to 100-120k, a more sellable length for a debut fantasy.
My first draft was 148,000 words.
Started sending to beta readers at 111k.
Started querying at 109.
Revised based on rejections to 104.
Revised again based on helpful rejections to 88k.
Signed with an agent.
(Not fantasy... you're probably fine with more than 88k.
)
I didn't cut any characters or subplots... I did cut SCENES that weren't necessary, and a LOT of redundant descriptions.
Not actual examples from my book, but things like cutting "that" from something like: "the woman that he had met the other night" (well, I'd probably really cut that down to "the woman from the other night" or something... even shorter! Just playing around with specific wording.)
Or cutting something like "The cherries were red and juicy, the juice dribbling down his chin as he greedily dug in" to "Cherry juice dribbled down his chin as he dug in." (If the cherries were NOT red you'd need to mention it, otherwise that can be inferred. No need to say "juice" AND "juicy," and "greedily" can be inferred.)
...forgive my bad examples, but I hope that gives you an idea of some ways to trim a couple thousand words without necessarily cutting any characters or subplots (although, sometimes that needs to happen too).
Have you sent it to a beta reader? Someone with a sharp eye may be able to mark it up for you with cutting the word count specifically in mind!