Kokiri Sword

A dagger that you use as young Link.  You'll find it in a secret grotto in the forest.  You can't use it as an adult.

Deku Shield

A small wooden shield that you buy in the forest.  It's not very strong but it can handle a lot.  Keep away from fire!  

Deku nuts

Stuns enemies, other than that it is worthless.

Deku sticks

Used to make torches to light things and to burn spider webs.

Hylian Shield

A strong shield used by Link.  This shield is Hyrule's best.  It is much stronger then the wooden shield.

Bombchu

A bomb that will travel on the ground before exploding, there is also a mini game called Bombchu Bowling.

Goron's

Bracelet

Allows you to lit bomb flowers, but has no other purpose.

Bombs

Used to explode rocks, walls, etc.

Silver

Scale

Allows you to breath underwater for a short period of time.

Boomerang

A weapon used for long range attacks and retrieving things from a distance.

Ocarina of

Time

A flute that can change the flow of time.

Hookshot

A weapon used to hook onto trees and other wood to carry Link to a high place.

Fairy Bow

A weapon used for long range attacks and shooting switches to open doors.

Megaton

Hammer

Hammer used to hit rusted switches and kill the dragon Volvagia.

Longshot

A longer version of the hookshot.

Lens of Truth

Used for seeing through walls in the Shadow temple and for seeing ghosts.

Silver

Gauntlets

Makes Link stronger so he can lift impossibly heavy things.

Mirror Shield

A shield used to reflect light and magnify it into a powerful ray.

Golden

Gauntlets

Just like the silver gauntlets only stronger.

Light Arrow

An arrow used to repel darkness.

Master

Sword

A sword used to repel evil and change the flow of time.