Items

Lesser Items

Ash of Invisibility	All of your units' Primary and Extra attacks are attibuted initiative=6, making it almost sure that your units strike first in a battle (unless opponent uses initiative influencing magic too). Notes: Any unit having an initiative above 6 (from multiple modifiers) is treated as having initiative 6 when the battle starts. Paralyze will cancel out the effect of Ash of Invisibility and vice versa (i.e. invisible paralysed unit will have its original initiative; no init=0 or init=6).
Blood Stained Map	You have a 10% chance of getting one of the five Holy Grails.
Book of Golem Summoning	Summons 7-25 Iron Golems.
Book of Prophecy	Steals 4,000-12,000 of targets population.
Bottle of Eversmoking	Increases accuracy of Orcs by 10% on both sides.
Brooch of Protection	All your units gain +50% to their MELEE resistance.
Bubble Wine	All your units gain +20% to their Primary Attack and Counter Attack, and +30% to their Health Points. No Accuracy decrease.
Candle of Sleeping	Lowers enemy units' attack resistances by 10% and lowers their efficiency by 10%.
Capsule Monster	Summons 1,000 Capsule Monsters in battle that only last that fight.
Carpet of Flying	All your units gain the FLYING ability if they did not have it already.
Coffin	The item version of Night of the Living Dead, but it summons a set amount of units. 1000 Ghouls or 500 wraith or 20 liches or 20 vampires. Can also summon 2000 zombies.
Cosmetics	Gives all Human and Elven units the Beauty ability, increasing accuracy.
Crystal Ball	Spies on an enemy mage for information like the Scrying Mirror spell, but less efficient.
Dozens of Silver-Tipped Arrows	Adds HOLY attack type to units with a MISSILE attack.
Drums of War	Reduces all enemy attack power by 10%.
Figurine of the Ice Queen	Deals a small amount of cold damage to all enemy units.
Flasks of Holy Water	Deals 100,000 Holy damage to all enemy undead units.
Horn of Valhalla	Summon 2,000-4,000 knights.
Javelin of Lightning Bolt	Deals some Lightning damage and reduces enemy units' counterattack damage by 25%.
Letters of the Thieves Guild	Steal some gold or an item or some population from the target, or destroys some of the target's turns. The only way to steal an unique from an opponent (VERY low chance)
Magical Compass	Gain roughly 100-200 acres (usually on the less side).
Mana Crystal	Gain 30,000-70,000 mana.
Mana Vortex	Destroy 3,000-9,000 of the target's mana. Unless they have more mana then their nodes can hold, in which case it causes his/her mana reserves to equal the maximum amount of mana his nodes can hold. (e.g. johny has reserves of 1,000,000 but only has 500 nodes( 500,000 max mana reserves) now you use a vortex on him, and he loses 500,00 mana)
Missile Shield	Increases RANGED resistance for your units by 50%.
Monkey Brains	Doubles the Primary Attack power of all units with a PSYCHIC attack.
Official List of Demands	Destroys some geld or population or some turns of the target.
Oil Flasks	Reduces the enemy's fire resistance by 30%, which CAN put resistances BELOW 0. Gives the Unit Ability "Weakness To FIRE" to all enemy units.
Ointment of Healing	Acts like the White mage spell "Healing" and heals a set amount of hit points. Also gives some POISON resistance to all your units.
Peaches	Summons 1,500-5,000 Gorillas
Pipes of the Sewer	Use on a target to destroy 500,000 gold and 15,000 population (unless they have less).
Potion of Valor	+25% AP to Primary Attack and Counter Attack only (not to Extra Attack)
Pouch of Herbs	Ressurects 10% of your casualties (barring ultimates). Acts like a weakened Platinum Hand of Healing.
Powder Keg	Deals only a small ammount FIRE damage to all enemy units
Ring of Animal Command	Increase the stats of your animal units while decreasing the stats of the opponent's animal units.
Rotten Food	Destroys 10,000-30,000k of the target's population.
Sage Stone	You gain 1,000,000-2,000,000 geld.
Satchel of Mist	Reduces the accuracy of all units on both sides with 10%.
Scroll of Protection from Fire	Gives all units a 30% bonus to their FIRE Resistance.
Staff of Illusion	Deal a small ammount of PSYCHIC damage.
Strange Metallic Can	Reduces your units Attack Power by 10% but ressurects 15% of your casualties.
The Head of Medusa	Kills 0-9 units of one random enemy stack.
The Spider's Web	Reduces all enemy unit's initiatives by 1.
Total Newbie Handbook	Summons 5,000 frogs or squirrels.
Treasure Chest	Gets you either nothing, 300,000 geld, 2-3 lesser items, or a unique.
Treasure Map	Get either nothing, 500,000 geld, 5 lesser items, or a unique.
Vial of Venom	Adds POISON attack to ALL your units Primary Attacks.
Voodoo Doll	Destroy's 4-8 turns from the targetted mage. Turns can not go negative from this item.
Wine of the Three Whips	You increase your current population by 10%.

Unique Items

Altar of Blood	Increases mana production by 5,000 mp Upkeep: 5,000 pop Both are hidden, and does not show on status report.
Ancient Staff of Pure Quartz	Reduce casting cost by 20% Raises Attack Power by 5% Increases summon results by 5%
Ancient Tome	Instantly finishes researching current spell
Apparatus	Summons 100 Hellhounds, 100 Salamanders, 50 Hydra or 50 Chimera per turn.
Archmage Strategic Guide	Reduces casting cost by 10% and reduces chance of casting failure.
Atomic Bomb	Destroys 25% of target's mana, buildings forts, land (permanently), units, geld and population. ((think buildings is 25% but units is 33%))
Basin of Far Seeing	Gives information about a country like scrying Mirror spell OR Grants owner unlimited scrying.
Black Ankh	Raises HOLY attack resistance by 50%. Raises ascendant magic resistance by 50%. Raise undead HP by 10%
Blue Ice	Reduces all units Attack Power by 30%, yours and your opponents, except for all units (both yours and your opponents) having ICE attack, which is increased by 50%.
Burning Incense	Reduces spell casting failure. Reduces casting cost by 10%
Chaos Ward	Reduces damage from Eradication spells, but does not block them.
Crimson Banner	Increases Units' Attack Power. (Same effect as Bloodlust)
The Crystal of Tear	Increases mana production by 5,000 OR Has the same effect on enemy army in battle as the Figurine of the Ice Queen.
Dead Sea Scroll	There is a minute chance of learning the 'Heavenly Protection' spell, if used by a white mage, others lose all of their mana.
Dragon Slayer	Increases Attack Power by 10%. Gives high efficiency vs dragons.
Efreeti Bottle	Gives either 2 heroes, 2 million mana, 200 million geld or 30 items#Lesser Items. Use this (or sell it) fast because there can only be one in the game at the same time, and everytime some mage casts Wish it may shift ownership.
Egg of Time	Gives you 25 to 50 turns. Egg of time gives 1-100 turns. Don't use when you allready have max turns or you won't get them.
Excalibur	Increases units' attack power by 15%.
Hand of Negation	Dispels target's enchantments reguardless of barriers. Assume this item is a charged item meaning you can't use it again for 200 turns after using it. It CAN be blocked... a week ago I lost the Hand of Negation when it fizzled after use on a blue mage with Black Death. This is what is probably the fact. The Hand of Negation can be blocked ONLY by SPELL LEVEL DIFFERENCE (this mage had 0 barriers!!). chance to be blocked: (targets SL - your SL) / 10 %
Hell Fire	Gives you resistance to fire, increases fire magic power, but adds weakness to cold. OR Doubles the Primary Attack of units which deal fire damage with any attack 5% less mana generation (hidden upkeep)
Helm of ESP	Believed to increase PSYCHIC attacks by 50%
Holy Grail	The dull copper Holy Grail is the real one. It will resurrect 15% of dead units. Hidden Upkeep: Lowers mana production by 10%. Notes: Will disappear whenever someone successfully uses Blood Stained Map. It is rumored to increase Knights Attack Power. It is rumored to increase your recruit rate. It is rumored to double the Knights gained from Horn of Valhalla.
Iron Golem	User gains 3 acres of farm per turn Upkeep: mana upkeep increases as User's land increases
Lipstick of Enslavement	Allows you to steal an opponents male hero
Love Potion #9	Grants 2 random female heroes.
Lucky Charm	You will gain 10% resistance to each color and increased chance of casting success, item generation, and accuracy. The resistances are all 10% except phantasm, which was 5% Also, cursed items such as Blood Altar or Skull ring (which i had) takes 1/3 of non-nether units HP.
Magic Mirror	Summons two female heroines with an upkeep of 5,000 for the mirror...use it fast. The Magic Mirror only gave one female hero and had no upkeep this reset when I used it.
Minor Indulgence	It has a chance to remove all "dispellable" enchantments cast upon you, offensive & defensive. It can also dispel the undispellable Blessings and Curses cast by the gods. Fury of God, Contract of Soul cannot be dispelled.
Mirror of the Grey Witch	Reflects 33% of spells cast on you back to the caster at a cost of 5,000 mana per turn, which is taken from the base income (not net income) so mana charging effectiveness is reduced considerably. Believed to force the enemies top stack to attack it's own army 1/3 of the time.
Nether Parchment	There is a minute chance of learning the Corruption spell if used by a Black Mage, others lose all of their mana.
Orb of Protection	Gives 24 hrs protection from all attacks
Pandora's Box	unknown
Pan's Flute	Decreases enemies initiative by 10%. Good with Fog Cloud, or Satchel of Mist.
Pouch of Infinite Wealth	It adds 500k geld income
Protector	All units gain 100% resistance to breath attacks.
Ring of Amethyst	Reduces research turns in half. Also decreases spell casting costs (???)
Ring of Djinni Summoning	Casts a very improved version of Wish (like three Wish at a time)
Sceptre of Rulership	Increases your units' Primary Attack, Counter attack, and Health Points by 10% in every battle. Increases geld income by 10%.
Scroll of Insight	There is a minute chance of learning the 'Wall of Silence' spell if used by a Blue Mage, others lose all of their mana.
Skull Ring	Gives 9-10% more mana and have a hidden 1% pop upkeep
The Sinner	Increases resistance to magic while lessening your ability to use it.
Soul Eater	Believed to reduce your armies HP by 5% for undead units and 20% for the rest and grants random % of resistance to FIRE, MAGIC, MISSILE, MELEE, RANGED, and COLD attacks for your units and sometimes the enemies.
Spectacles of True Seeing	Grants country 75% resistance to Phantasm magic
St. Nara's Lock of Hair	Grants 10% to each Magic Speciality. Turns small amount of Undead in Battle OR Bestows Holy Word and Protection from Undead on wielder. (10% resistance to all colors) OR I also have had this one. It does *not* kill any undead, but rather reduces their AP and counter by 20% (only seen proof on offense, but I assume it works on defense too). The 10% resistance to all colours is right though.
Staff of the Archmage	Inflicts (randomly) LIGHTNING, COLD, FIRE, or PSYCHIC damage in battle.
Thor Hammer	Said to reduce target army's Attack Power by 25% and Health Points by 5%. OR Kills a small amount of your enemies non-flying units in battle, and in return drains your mana.
Thunder Blade	Adds lightning to your units attacks (adding 50% more to Air Elem.) while adding/increasing Lightning resistance. Upkeep is 5k a turn
Wand of the Moon	Inflicts (randomly) Lightning, Cold, Fire, or Psychic Damage in Battle.
Wings of Glory	Increases the attack power of Angels by 15% (white mages) and 10% for non-white mages
World Peace	Increases Income by 40% and decreases your and enemy units attack power by 40% OR Gain 40% more gold per turn, and reduces attack power of you and enemy by 5%

Event Items

Not in the game yet - rumoured to have something to do with Patron status with God