The blue potion is a magical brew made to recover Link’s magic power. However it is not as effective as the red potion.
The Red potion is a stronger version of the blue potion. Its effects are exactly the same, but it will fully recover your magic instead of just part way. Red potions are also a lot more rare and often hidden inside of statues inside of dungeons.
A point bag is a very useful item as it will add experience points to your total XP. They are found all over Hyrule in various locations and will add random amounts of XP per bag.
Throughout Hyrule there are four heart containers that will add an extra segment to your health meter.
Like the heart container, there are four magic containers hidden across Hyrule. They will add an extra segment to your magic meter.
Link Dolls are useful items that will give Link an extra life when found. I highly suggest finding these locations and remembering them for later and using for the last dungeon.
The trophy is a hidden relic that can be found deep in the cave of Tantari’s desert. The trophy is required to acquire the Jump spell.
The hammer is a powerful tool used to smash giant rocks and other paths throughout Hyrule. The hammer can be found in the Death Mountain maze.
Water of Life
The Water of Life is a magical type of medicine found deep within the swamp caves. To acquire the Fairy Spell you must have the Water of Life.
Perhaps my favourite item in any Zelda game…a Lost Child. You will find this lost kid on Maze Island. Once doing so you need to return him to Darunia to learn the Reflect magic spell.
No longer will you need small keys, as the Magical Key can lock any and all doors inside of temples and palaces. To acquire the Magical Key you need to use the Spell spell on the far edge of New Kasuto. This will make an invisible house reveal itself. Inside is the key.
The candle is the first dungeon item you will come across. Found inside the Parapa Palace, this item is used to light up dark caverns and enable you to traverse through caves.
The very handy and powerful Handy Glove (pun intended) is used to break various blocks and stones inside of the palaces. Link cannot continue is journey without this item.
Inside of the Island Palace is the very appropriate Raft item. The raft is of course used to cross waterways throughout Hyrule.
These magical boots will enable Link to walk on water much as Jesus could. The Boots can be found inside of the Maze Island Palace.
The Flute is located deep with the Ocean Palace. When played, the flute will emit an ancient tune. It can be used to make the River Devil move which will open your way to continue on in your quest.
The cross enables Link to see once invisible monsters such as Moas. Crossing various towns and graveyards will be much easier now as you will be able to see the creatures that were previously invisible to the naked eye. The cross is found within Three Eye Rock Palace.
The Palace Key is found all over Hyrule and is used to open the entrances to the various Palaces.