Alchemy

Potion-making

The most common form of alchemy is known as potion-making, which takes advantage of the chemical properties of the ingredients, as well as the inherent magical properties that some ingredients have. Calling it potion-making is somewhat of a misnomer, as this category covers the creation of not just potions, but also salves, adhesives, preservatives, poisons, drugs, and explosives. Despite this, it is still the most common way to refer to this type of alchemy. The basic process of potion-making is mixing various ingredients, which are then typically either left as they are or added to a solvent, often water or alcohol. More complex recipes of this type can also include things like distillation, cooking, freezing, etc. Generally, when people refer to alchemy, this is what they're talking about.
Some potions can have side effects. For instance, medicine made with foxglove can cause hallucinations if there isn't an ingredient that counteracts its hallucinogenic properties. More complex and powerful potions typically have more and stronger side effects.

Transmutation

Basics

Alchemical transmutation is the practice of using alchemical compounds to try to transform substances rather than simply mixing them. (e.g. turning steel into glass.) Generally, it is easier to transmute similar materials. For instance, it is easier to transmute dirt into stone than it is to transmute a duck into wood. Alchemists capable of consistently successful transmutations are rare.

Transmutation of Living Beings

Transmutation of living beings is a controversial subject. In addition to it being more difficult than transmutation of inanimate objects, some alchemists believe that transmuting living beings is unethical, whereas some other alchemists believe that it is the best or the only way to advance alchemical knowledge. Almost all alchemists will condemn the transmutation of sapient beings.

The Alkahest

Many alchemists consider the ultimate goal of alchemy to be the creation of the Alkahest, also known as the Philosopher's Stone or the Elixir of Life. Supposedly, the Alkahest is able to transmute any material into any other material with a one-hundred percent rate of success, as well as heal any injury or illness. So far, there are no known cases of anyone even coming close to creating it.

Homunculi

The rarest and most advanced use of alchemy is the creation of Homunculi, which most people assumed was impossible until recently. Very few alchemists have been able to successfully create a Homunculus, and even fewer have managed to do it more than once. Some alchemists attempting to do this also seek the Alkahest, believing it to be the missing ingredient for Homunculi. Some others believe that the secret is combining alchemy and Magic, and a few theorize that the missing ingredient is a crystallized Soul. The creation of artificial life is quite controversial among alchemists, with some decrying it as immoral, and others believing it to be the ultimate goal of alchemy.

Inventor(s)

The original inventor of alchemy is unknown, but Colart Amarith and some other members of the Circle of Mages are well-known for having made many significant advances in the field of alchemy, and paving the way for it to be as useful and popular as it is today.

Access & Availability

Generally, basic alchemy (e.g. home-made remedies) is common, intermediate alchemy (e.g. professionally made potions) is uncommon, and advanced alchemy (e.g. potions made by the most skilled alchemists) is somewhat rare. This can vary depending on location, since levels of regulation, restriction, and popularity differ between countries.