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The main story takes place between 1914 and 1915.

However, that time is not the 1900's of our world. Although the first FMA series traces a parallel between our own world and FMA world, there's no such parallel in the manga and thus, this means that 1914 doesn't mean they were about to enter WWI, nor did they have any relation to our own history whatsoever.

A good indication of such "independece" in terms of time is that many of the historical influences of FMA's world are from Victorian England and other European Countries during the pre-Revolution and Revolutions (Industrial Revolutions) time, which would place FMA between 1790~1850, take a few...