Of course, there are plenty of threads on here that cover this topic, but I might add a few here anyway:
Before JRRT:
William Morris:
The Glittering Plain
The House of the Wulfings
The Roots of the Mountains
Golden Wings
The Well at the World's End
The Wood Beyond the World
The Water of the Wondrous Isles
The Sundering Flood
Kenneth Morris:
The Book of the Three Dragons
The Fates of the Princes of Dyfed
John Myers Myers:
Silverlock
The Moon's Fire-Eating Daughter
The Harp and the Blade
Leslie Barringer:
Gerfalcon
Joris of the Rock
Shy Leopardess
E. C. Vivian:
Fields of Sleep
City of Wonder
Arthur D. Howden Smith:
Grey Maiden
Arthur O. Friel:
The Pathless Trail
Tiger River
J. Allan Dunn:
The Treasure of Atlantis
H. Rider Haggard:
Wisdom's Daughter
She
She and Allan
Ayesha: The Return of She
Allan Quatermain
King Solomon's Mines
The Wanderer's Necklace
Eric Brighteyes (to name only a few)
James Branch Cabell:
Biography of the Life of Manuel (18 vols.; only part can be strictly considered fantasy, true; but, while each can stand alone, all are interrelated in theme and to some degree characters -- such as Horvendahl or the multitude of aspects of the "Witch-Woman")
A. Merritt:
The Metal Monster
The Moon Pool
Dwellers in the Mirage
The Face in the Abyss
The Fox Woman and Other Stories
The Ship of Ishtar
Contemporary to JRRT:
Fletcher Pratt:
The Well of the Unicorn (Teresa already mentioned The Blue Star)
Fritz Leiber:
He began his Fafhrd and Gray Mouster series in Unknown, in 1939
C. L. Moore:
Her Jirel of Joiry and Northwest Smith tales, blending sf and fantasy
Hannes Bok:
The Sorcerer's Ship
Fletcher Pratt with L. Sprague de Camp:
The Harold Shea stories (originals collected in The Complete Complete Enchanter)
Land of Unreason
Clark Ashton Smith:
Hyperborea Cycle
Zothique Cycle
Averoign Cycle
Poseidonis Cycle
Post-JRRT:
If we're dealing with urban fantasy here (and I don't see why not, as it's very much a valid type), then we'd have to include a huge chunk of the following:
Harlan Ellison (especially the following):
Deathbird Stories
Strange Wine
Shatterday
far too many stories scattered throughout collections to mention more than a handful: "Jeffty Is Five", "One Life, Furnished in Early Poverty", "The Other Eye of Polyphemus", "All the Sounds of Fear",....
(Make no mistake; while he has written sf, Ellison himself has flatly stated that he is not a science-fiction writer, he's a fantasiste; he's quite correct)
Rod Serling
Ray Bradbury (both contemporary and post-Tolkien; again, more fantasy than sf)
Richard Matheson
And, for more "traditional" fantasy:
I'd add Alan Garner's Elidor, even though it's aimed at a younger audience; it's quite a good book
Andre Norton:
Witch World
Web of the Witch World
Three Against the Witch World
The Year of the Unicorn
and a whole slew of others in this series (though some later ones run into problems)
Poul Anderson:
Three Hearts and Three Lions
The Merman's Children
Katherine Kurtz:
the Deryni books (at least the early ones)
Avram Davidson:
The Phoenix and the Mirror
Peregrine: Primus
Peregrine: Secundus
The Island Under the World
I think that JRRT sort of did for the world of the traditional, fairy-tale type fantasy what M. R. James did for the English ghost story; he's been something of a standard to live up to, but also a rather stultifying presence in the field, all too often; something neither of them would have liked.
I could go on, but I think the answer is an obvious and resounding "Yes, there most definitely is life in Fantasy after Tolkien -- if we don't let ourselves get too rigid in our definition of the term."