The Sword is the first swordLink can obtain in The Legend of Zelda. It is found in the cave on the Starting Screen, and is given to Link by the Old Man. Inside the cave, the Old Man will say one of the most iconic lines of the series, "It's dangerous to go alone! Take this." The Wooden Sword is the weakest sword in the game.
The White Sword is the second obtainable sword in The Legend of Zelda. It can be found in an Overworld cave on top of the waterfall. This screen is just one screen left and one screen up from the Lost Hills. However, Link cannot collect the sword until he has accumulated five Heart Containers. This can actually be done before entering the first Dungeon, and is recommended to do so. The White Sword is slightly stronger than the Wooden Sword.
The Magical Sword is the third and final sword found in The Legend of Zelda. It is the strongest sword in the game, and is capable of killing most Bosses in one to three hits. It is found underneath a grave in the Graveyard. This grave is in the top-right corner screen of the Graveyard, and is in the middle row and second to the left. However, the Old Man there will not give Link the sword until he has accumulated at least 12 Heart Containers.
The Wooden Shield is the default Shield Link will use in The Legend of Zelda. He starts the game with it, and will use it throughout the game unless he buys a Magical Shield. The Wooden Shield can block basics attacks; Octorok rocks, Moblin arrows, etc. However, it cannot block more advanced attacks, e.g. River Zora attacks, Wizzrobe attacks, etc. Also, it cannot be eaten by Like Likes.
The Magical Shield is the best shield available in The Legend of Zelda. It is the only shield upgrade of the game, and replaces the Wooden Shield. The Magical Shield can be obtained by purchasing it in one of the Item Shops found across Hyrule. The Magical Shield can be found on sale for either 160, 130, or 90 Rupees, depending on which shop Link visits. Additionally, the Magical Shield can be eaten by Like-Likes, and if it is, that shield is gone forever. However, Link can always buy another one to replace it.
The Boomerang is found in the first dungeon of The Legend of Zelda, Level 1: The Eagle. It can be used to stun larger enemies, e.g. Moblins, or kill smaller ones, e.g. Keese. It can also be used to collect fallen Rupees, Clocks, or Bombs that are faraway from Link. It will only travel half the screen, which limits its use. The Boomerang is guarded by three Goriyas, which must be killed in order to obtain it.
The Magical Boomerang is the first and only upgrade to the Boomerang in The Legend of Zelda. It does everything the Boomerang did, and also will travel the full length of the screen instead of half. It is found in Level 2: The Moon, and is blue in color.
The Bombs are one of the most common items in The Legend of Zelda series, making their debut in The Legend of Zelda. They can be obtained by either buying them in shops or collecting them from killed enemies. They can be used to blow up walls, kill enemies, etc. They are needed for the Boss fight against Dodongo; Bombs are the only thing that hurts them. At first, Link can only hold up to eight bombs, but in both Level 5: The Lizard and Level 7: The Demon Link can pay the Old Man 100 Rupees for an upgrade. These upgrades will allow Link to carry up to 12 and 16 Bombs, respectively.
The Bow is a common item found in most The Legend of Zelda series games. In The Legend of Zelda, the Bow is first found in Level 1: The Eagle, but it cannot be used until Link has purchased the Arrows from an Item Shop. Once Link has purchased them, he can use the Bow. Interestingly, there is no arrow inventory. Instead, Link will lose a Rupee every time he shoots and Arrow. The Bow is the only item capable of killing Gohma.
The Arrow is used by Link alongside his Bow. The arrows can be purchased from the Merchant for 80 Rupees. These deadly projectiles are capable of killing Pols Voices in one shot, and are needed to defeat Gohma. There is no total amount of Arrows Link can hold; instead, Link will lose a Rupee every time he uses an Arrow.
The Silver Arrow is an alternate type of Arrow found in The Legend of Zelda. Its primary use is to defeat Ganon, as it is the only weapon capable of doing so. It is found deep inside Level 9: Death Mountain, and can also be used to kill regular enemies such as a Pols Voice or Keese. Similarly to a regular arrow, using a Silver Arrow will cost Link one rupee per shot.
The Blue Candle is an item found exclusively in The Legend of Zelda. It is used to either light dark rooms inside a dungeon, burn bushes hiding secret staircases, or even to kill enemies. It is sold by the Merchant in his Item Shop for 60 Rupees. However, it can only be used once per screen.
The Red Candle is the only upgrade to the Blue Candle in The Legend of Zelda. It is found deep within Level 7: The Demon, and has the same basic functions as the Blue Candle. The only difference is that the Red Candle can be used unlimited times in each screen, a major upgrade over the one per screen limit the Blue Candle had.
The Recorder is the only musical instrument found in The Legend of Zelda. It is found inside Level 5: The Lizard, and has three uses. Firstly, it is required to kill Digdogger, as it is the only item that can harm it while it's in its original form. Secondly, the Recorder is used to reveal the entrance to Level 7: The Demon. Lastly, if played in the Overworld, it will transport Link to the entrance of a dungeon that he has completed.
The Food is an item found exclusively in The Legend of Zelda. It can be acquired through purchase. Furthermore, the Item Shops found around Hyrule will sell Food for the price of 60 or 100 Rupees. The Food has only two known uses, and only one of which is mandatory to complete the game. In the seventh dungeon, Link will encounter a Goriya, who instead of attacking Link, will just stand there and block the way. It'll say, "Grumble, Grumble..." The only way to get past this obstacle is to feed the Goriya the Food, which it will eat and move out of the way. The second use is to distract enemies, and this can be done by placing it on the ground in a random screen. All the enemies on that screen will be distracted by it, giving Link the perfect chance to either run through the screen, or kill all the enemies.
The Letter is an optional item found in The Legend of Zelda. It is given to Link by the Old Man in a specific cave found up a staircase northeast of the Lost Hills. The Old Man will tell Link to "show it to the Old Woman". If Link does so, the Old Woman will start selling potion at her Potion Shops. Although optional, completing this mini-quest can turn out to be very beneficial to Link, as the potions will restore all of Link's hearts.
The Water of Life is the first of two available heart-restoring potions found in The Legend of Zelda. The Water of Life can be purchased at the Old Woman's Potion Shops, at the price of 40 Rupees. Drinking the Water of Life will fully restore Link's hearts, which can be very helpful in the very hard latter dungeons of the game.
The 2nd Potion is the second of two heart-restoring potions found in The Legend of Zelda. The 2nd Potion can be purchased from the Old Woman's Potions Shops for 68 Rupees. The 2nd Potion has two doses, so it will heal of Link's hearts twice. It is by far the better deal compared to the Water of Life, as it costs less than two Water of Lifes and does the same thing.
The Magical Rod is an optional item found in The Legend of Zelda. It is basically a rod that will propel a beam that can harm enemies. It is especially useful against enemies that are best attacked from afar, e.g. Wizzrobes, Wallmasters. It has the same attack power as a White Sword attack, but Link does not need to have full health in order to shoot a beam, unlike the White Sword. The Magical Rod is found deep inside Level 6: The Dragon. The Magical Rod can also be used against specific Bosses, including Digdogger, Aquamentus, and Gleeok.
The Raft is an item found exclusively in The Legend of Zelda. It is found deep inside Level 3: The Manji, and can be used to cross large bodies of water. Only two places in The Legend of Zelda require the Raft to reach. The first is the fourth dungeon, The Snake, and the second is a secret cave where the Old Man will offer Link a Heart Container and a 2nd Potion. Link can only take one, and the Heart Container is the obvious choice.
The Book of Magic is an item found exclusively in The Legend of Zelda. It is actually an upgrade to the Magical Rod, and is found deep within Level 8: The Lion. The Book of Magic upgrades the Magical Rod so that its beam will act like a beam of fire. Whenever it comes into contact with something, it will now burst into flames, which can light rooms and harm enemies. This upgrade essentially makes the Red Candle useless, as the Magical Rod now does what it can, but much more efficiently.
The Blue Ring is a tunic upgrade found exclusively in The Legend of Zelda. It will cut all damage taken by Link in half, so he can now sustain double the damage. It also changes the color of Link's tunic, from green to white. It can be purchased in an Item Shop for 250 Rupees, easily the most expensive item in the game.
The Red Ring is the second and final tunic upgrade available in The Legend of Zelda. The Red Ring will reduce the damage taken by Link by a half of the Blue Ring, or a quarter of Link's original tunic. It is completely optional, but is very useful against the tougher enemies. It is found deep inside Level 9: Death Mountain. Also, it will change the color of Link's tunic into a brownish-reddish color.
The Stepladder is very similar to the Raft, and is found exclusively in The Legend of Zelda. It can be used to cross short gaps that can be found throughout the Overworld and Dungeons. It is the only item that can be used to cross these gaps, and thus is required to complete the game. It is found deep inside the fourth dungeon of the game, The Snake.
The Magical Key acts as the master key in The Legend of Zelda. It can be used to unlock any Locked Door that Link may come across in the dungeons of the game. It makes Small Keys useless, as it does exactly what they do but while having unlimited uses. It is found inside Level 8: The Lion, along with the Book of Magic.
The Power Bracelet is a completely optional item found in The Legend of Zelda. It can be found underneath an Armos statue east of the Graveyard. It can be used to move certain snail-like rokes found in the Overworld, revealing a staircase. At the bottom of these staircase, the Old Man will stand beside three more staircases, and tell Link to take anyone he wants. This is the lone warping system of the game, and is completely optional.
The Compass is found in every dungeon in The Legend of Zelda, from Level 1: The Eagle to Level 9: Death Mountain. It has only one purpose; once Link has collected it, it will show Link the location of the Triforce Shard that's inside that particular dungeon. This is done by a small blinking dot on his map. In the final dungeon, the Compass will show Link to Princess Zelda, as there is not a Triforce Shard in that dungeon. It is generally guarded by an enemy and that enemy has to be defeated from the Compass to appear.
The Dungeon Map is exactly what its name infers; a map that shows each room of the dungeon and how each one connects to the rest of the dungeon. It is also found in every dungeon, and has this same use in all of them. Similarly to the Compass, it is usually guarded by an enemy, including in Level 9: Death Mountain, where it's guarded by a Patra.
A Small Key is an item that made its The Legend of Zelda series debut in The Legend of Zelda. They can be found in dungeons on the floor, and some don't appear until Link has killed all the enemies in that particular room. They are used to unlock Locked Doors that are found in every dungeon, and in massive quantities. Also, they can be purchased at shops for either 100 or 80 Rupees, depending on which shop he shops at.
There are eight Triforce Shards found in The Legend of Zelda. They are pieces of the Triforce of Wisdom that Princess Zelda broke into shards once she learnt that Ganon had stolen the Triforce of Power and was likely to come after her piece too. There is one found at the end of each of the first eight dungeons of the game. Once all of them have been assembled, Link can travel into Death Mountain and confront Ganon.
The Recovery Heart is a form of healing found in almost every game in The Legend of Zelda series, excluding The Adventure of Link. They are usually dropped by enemies after Link has defeated, and if collects one it will heal one of his hearts. It is the most basic form of recovery, as it only recovers one heart and is found almost anywhere.
The Heart Container is also a very familiar item in the series. Once collected, they will increase Link's maximum health by one. One can be found at the end of each dungeon, found where the Boss was killed. There are also five hidden Heart Containers that are scattered across the Overworld, which require certain items to collect, including the Stepladder, Raft, and Candle.
The Clock makes its one and only appearance in The Legend of Zelda series in The Legend of Zelda. This item will be dropped by enemies after Link has defeated them, and, when collected, will freeze every enemy on the screen. This makes it much too easy for Link to kill all of the enemies in the room, or just leave them there, frozen.
The Rupee is the currency of Hyrule in The Legend of Zelda. They can be found everywhere, most predominately after enemies have been killed, at which point they may drop some. They are two variates, the Orange Rupee, which is worth one Rupee, and the Blue Rupee, which is worth 5 Rupees. They can be used to purchase items and potions at the various shops found around Hyrule.