Child Link Only
Both Links
Adult Link Only

Deku Seed Bag	The Deku Seed Bag is used to keep your Deku Seeds in, for use in your Slingshot. The total capacity can be upped, too.
Quiver	Like the Deku Seed Bag, this can have a greater capacity. It is used to keep your arrows in for use in your Fairy Bow.
Bomb Bag	The Bomb Bag can be used by either Child or Adult Link. It is used to keep bombs and Bombchus in. This too can have its total capacity upped.
Goron's Bracelet	This is the first item you get that helps you pick up heavy objects. Near the end of the game you get Silver and Golden Gauntlets. You can pick up almost anything with the Golden Gauntlets.
Silver Scale	With the Silver Scale, Link can dive under water further than he previously could.
Golden Scale	When Link has this, he can dive for a total of 10 seconds. This isn't needed to complete the game.
Kokiri Sword	The Kokiri Sword is Link's first ever sword. He gets it in Kokiri Forest during his training.
The Master Sword	The Master Sword is the sword trusted upon only the bravest of heroes. It's range and power surpasses anything his previous sword did.
Giant's Knife / Biggoron's Sword	These two swords look very similar, but there is a major difference. The Biggoron's Sword takes a lengthy trading sequence to get but unlike the Giant's knife it doesn't snap on impact of a wall. They are so big and heavy that Link needs two hands to hold it, meaning that he can't use a shield at the same time.
Deku Shield	The Deku Shield is only fragile, but cheap. It offers no protection from flames, because it is wood and it ignites.
Hylian Shield	The Hylian Shield is what the old Knights of Hyrule used to use in battle. Little Link is too small to hold it properly, so it is best to use the Deku Shield with him.
Mirror Shield	The Mirror Shield offers the same protection as the Hylian Shield, but reflects magic and light.
Kokiri Tunic	The Kokiri Tunic is what Link starts off with. It offers protection from the weather, but not much else.
Goron Tunic	The Goron Tunic is more than a nice color. It gives Link complete protection from serious heat that could otherwise sap his life.
Zora Tunic	The Zora Tunic lets Link breath under water when he is using the Iron Boots.
Kokiri Boots	The Kokiri Boots are the standard footwear that Link normally wears.
Iron Boots	These Iron Boots make Link walk slower, but if he tries to go into water with them on, he will sink to the bottom. With the Zora Tunic, he can then explore underwater areas.
Hover Boots	The Hover Boots let Link walk over empty spaces for a limited time. This enables Link to go places he couldn't have jumped to. They lose an immense amount of grip, though.

Child Link Only
Both Links
Adult Link Only

Deku Stick	The Deku Stick is used as your first weapon. You won't use it for long - you get the Kokiri Sword soon enough. It is prone to snapping after a few collisions.
Fairy Slingshot	You first find this weapon in the Deku Tree, and it is used to fire at things far off. It fires Deku Seeds, which you can find in plants.
Boomerang	This is used to stun bigger enemies and kill smaller ones. It always comes back to you, and can be thrown around corners to hit obstructed switches. It can be tricky to aim so use Z-Targeting for help.
Deku Nut	The Deku Nut is used to stun early bosses and enemies, as on impact it gives out a bright light. They are very common in Hyrule.
Fairy Ocarina	In many ways the Fairy Ocarina is similar to the Ocarina Of Time. However, it doesn't possess any powers, it is just a musical instrument.
Ocarina Of Time	The Ocarina Of Time possess' the power to move objects, send you through time and warp you to other locations. It once belonged to the Princess Zelda.
Lens Of Truth	The Lens Of Truth shows you which walls and platforms are real, and which are fake. Fake walls can be walked through and fake platforms cannot be seen with the human eye, but can still be walked on. This item drains your magic.
Bomb	The bomb can be used as either a weapon or to blow up cracked walls. They have a four second fuse, so you have that long to get out of the blast radius otherwise you will be hurt. They are carried in a Bomb Bag.
Bombchu	Bombchus are metal versions of the real Bombchu animals. It has a fuse and if it doesn't hit anything before it runs out it will blow up. It can crawl up walls and roofs.
Magic Beans	If you find some loose soil, with a hole in it to plant these in, plant a seed. Eventually they will sprout and become a platform that takes you to certain places. You can find secrets this way. A word of warning, though, their price increases 10 rupee's each time you want to buy some.
Fairy Bow	The Fairy Bow can only be used by Adult Link. It is used to shoot enemies and switches, and you can also use it while riding Epona. It takes arrows (obviously) which you keep in a quiver. You can get three magic arrows for the bow, too.
Fire Arrows	It takes 2mp to charge an arrow up with fire, but it increases the hit value of an arrow, and you can melt ice with it too.
Ice Arrows	Ice magic also uses up 2mp each time you charge an arrow up with it. You can freeze enemies with them.
Light Arrows	These arrows take 4mp to charge up with light power. However, only light arrows will harm Ganondorf.
Hookshot	The Hookshot can be used for the same jobs as the Boomerang, but now you can use it to pull yourself to new areas. The red dot shows you where you are aiming. If there is no red dot your target is out of range. Later in the game you can upgrade this to a Longshot which has a greater firing range.
Megaton Hammer	This mighty hammer is used to slam down rusted switches and hammer bigger enemies. Ganondorf can be hurt best with this weapon.
Din's Fire	If there are a lot of enemies around you and you can't get a blow in, start this magic spell and fire will burst outwards from your body, killing all in it's radius. It takes 6mp to activate.
Farore's Wind	This 6mp spell creates a place in a dungeon where, if you use the spell again, you will warp back to.
Nayru's Love	When you use this 12mp spell, a protective barrier forms around Link, and he cannot be harmed by enemies. It does wear off however.
Magic Jar	Magic jar's are used to refill Link's magic bar. they can be found all over Hyrule. You can also get large Magic jars which completely refill your magic meter.
Empty Bottle	There are 4 Empty Bottles that you can get, and in them you can carry a variety of things: Green Medicine - refills Magic meter Red Medicine - refills Life energy Blue Medicine - refills Life and Magic Pink Fairy - Recovers all of your life when you die. Lon Lon Milk - 2 portions recover some Life. There are also items you can store such as bugs or fish.
Masks	The Happy Mask shop gets you to deliver masks to people in Hyrule, some times for a profit and sometimes for a loss, but at the end you get the sought after Mask of Truth.
Heart Piece	If you get four Heart Pieces then your Life Meter maximum capacity increases by one heart.
Heart Container	The Heart Container is received when a boss has been killed. It adds another heart to your Life Meter.
Dungeon Map	The Dungeon Map is found in the respective dungeon and lets you see rooms that you haven't visited in the pause menu.
Compass	The Compass shows you where chests are and where the boss is in the dungeon you found it in.
Boss Key	The Boss Key opens the door to the dungeon boss.
Stone Of Agony	You get this after killing 20 Golden Skulltulas from the House Of Skulltula. If you have a Rumble Pak, then this will start to rumble if you are near a secret.
Gerudo Membership Card	When you have saved all four carpenters by infiltrating the Gerudo's Fortress, they will present this to you. You can then enter the Haunted Wasteland, the Gerudo Training Grounds and you can move freely around the fortress.
Weird Egg 1	This is given to you as a child by Malon. You have to use it to wake Talon when it hatches.
Weird Egg 2	As an adult, this is given to you by Anju, the Cucco lady. You have to use it in the Biggoron Sword side-quest.