Kokiri Sword - The first sword that you recieve in the game (as a child). Found in the little hole near the Know-it-All Brothers's house, is also the weakest sword in the game next to the Giant's Knife.
Deku Shield - The first shield you recieve in the game. It can be bought from the Kokiri Shop, and it is the weakest of the shields, due to the fact that it is very flammable. Can only be used by Child Link.
Arrows/Bow and Arrows - Some of the most important items in the game, these are used for just about EVERYTHING, from activating switches to killing all sorts of enemies, big and small. The arrows come in three different flavors: Ice (2MP), Fire(2MP), and Light(4MP). See walkthroughs for info on how to obtain them. Can only be used by Adult Link.
Kokiri Tunic - Link's default clothing. Doesn't do anything to change status or protect him from certain elements.
Masks - Self-explanatory. Certainly not like in Majora's Mask, but these masks are just for fun and are the gateway to recieving the Mask of Truth, which allows you to read Gossip Stones.
Master Sword - Yes, we all know about the Legendary Master Sword (that is, if you've played any other Zelda game). The second strongest sword in the game (two times the strength of the Kokiri Sword), it can be obtained by collecting all of the Spiritual Stones and playing the Song of Time with the Ocarina of Time in the Temple of Time (lots of "Time"'s, ne?)
Giant's Knife - By far, the weakest sword in the game, it will break in half within a few slashes. This sword is not necessary, really, but it can be obtained from the Medigoron in the bombable wall in Goron City.
Biggoron Sword - The strongest (4X the Kokiri Sword) sword in the game. This sword is quite difficult to obtain, having to go through a huge sequence of timed events (See the walkthrough). However, it's absolutely worth the time.
Hylian Shield - The second and most-used shield in the game, this shield is obtained very early (right after you beat the Deku Tree) by either buying it from the Bazaar, or getting a free one from the graveyard. Both Child and Adult Link can use this shield.
Mirror Shield - Very cool-looking shield that is exactly like the Hylian Shield, except that it can reflect light onto other objects. This item is obtained from the second half of the Spirit Temple, and can only be used by Adult Link.
Bombs - Used to blow things up. Any questions? Obtain these from Dodongo's Cavern.
Bombchu - A motorized bomb, at its simplest. These can only be bought or be found randomly in chests, and they cannot be bought without a Bomb Bag.
Boomerang - A useful item for killing Biri and grabbing far-off items. Since this can only be used as a Child, I like to refer to it as "The Child's Hookshot". Found in Jabu-Jabu's Belly.
Bottles - Very, VERY useful items used for storing and carrying things: fairies, fish, potions, bugs, Poes, and other things. See the Bottles section for how to obtain these.
Deku Nuts - Used for stunning certain enemies, such as Wolfos and Stalfos. Can be found just about anywhere.
Deku Sticks - Works like a sword, only very weak. These are mostly used for lighting torches in dungeons and such, and can only be used by Child Link.
Din's Fire - The nifty magic attack that you learn from the Great Fairy near Hyrule Castle. Surrounds Link with a dome of fire, engulfing surrounding enemies. Takes 4MP, I believe.
Farore's Wind - Magic attack learned from the Great Fairy near Jabu-Jabu's Belly. Is used for returning to a certain area of a dungeon, and can only be used in a dungeon.
Hookshot - The all-purpose mechanical chain-retracting device. Used for reaching high places (on wood, and if the laser point can be seen), stunning and killing enemies, and other uses. Can only be used by Adult Link.
Lens of Truth - Used for seeing through illusions and such, like fake walls and invisible chests and enemies. Uses magic, and can be obtained in the Well.
Longshot - The updated version of the Hookshot, goes twice as far as it. Obtined in the Water Temple.
Magic Beans - Used for planting in soft soil. Can only be planted as a child, but can only be truly used as an adult. These are purchased from the Magic Bean Seller near the entrance to Zora's River.
Megaton Hammer - Its basic uses are activating rusty switches and beating the hell out of Volvagia. This is obtained in the Fire Temple, and can only be used as Adult Link.
Nayru's Love - The magic attack you learn from the Great Fairy in the Desert Collassus. Surrounds you with a protective barrier for a long period of time, but it eats up your magic if used repeatedly (i.e. Ganon's Castle Runaway).
Ocarina of Time - One of the most important items in the game. It is used for playing various songs that you learn, like warping songs and songs to get certain items and such. Obtained from Princess Zelda.
Slingshot - The "Bow and Arrow of Child Link". Obtained from The Great Deku Tree.
Goron Tunic - Protects Link from fire and hot craters. Obtained from Darunia's son.
Zora Tunic - Used in unison with the Iron Boots to sink under water without drowning. Obtained after you unfreeze King Zora.
Kokiri Boots - Link's default footwear.
Iron Boots - Used to sink underwater. Obtained from the Ice Cavern.
Hover Boots - Used for hovering over short distances. Obtained from the Shadow Temple.
Gauntlets - The upgrades, silver and golden, help you to pick up heavy objects. The silver ones allow you to pick up those annoying grey rocks and push in the giant stones blocking your path in the Spirit Temple and Gerudo's Training Ground, and the golden ones allow you to lift up all of those, plus the giant stone pillars in Ganon's Castle. The silver ones are obtained from the first half of the Spirit Temple, and the gold ones are obtained from Ganon's Castle in the Shadow Door.
Scales - Two types: Gold and silver. The silver one allows you to dive for about six or eight seconds, and the gold one allows you to dive for about ten seconds. The silver one is obtained from completing the Zora's diving game, and the gold one is obtained from catching a large fish as an adult.
Wallets - There are three kinds of wallets: Your default wallet (99 rupees), Adult's Wallet (200 rupees), and the Giant's Wallet (500 rupees). The Adult Wallet is obtained by collecting 10 Gold Skulltulas, and the Giant's Wallet is obtained by collecting 30 Gold Skulltulas.