Carl Philipp Emanuel Bach (hereinafter “E. Bach”) was a leading composer of freyen fantasie (free fantasias). In his Versuch über die wahre Art das Clavier zu spielen (Essay on the True Art of Playing Keyboard Instruments), he cites conditions for a piece to be identified as a freyen fantasie as being unmeasured and moving through many keys. In his later years, this description was revised with a presentation of his new concept of modulation. In this research, an analysis of E. Bach’s late fantasia Wq61/3 from the perspective of time and modulation and a consideration of expression in performance led to the discovery of numerous compositional devices, including omission of chords, bass notes, and bar lines, and alternation of meters. In addition, the author found that the concept of modulation from E. Bach’s later years brought about new methods of modulation, and that the composer demanded special performance expression from performers. In order to realize performance expressions that reflect the composer’s intentions, the author added dynamic and tempo marks to the score of Wq61/3 and proposed specific playing methods.