Alchemy is a skill that allows you to create your own potions for consumption. These can be pretty handy once crafted especially if you need extra health potions or want an xp or power boost.

It is available to all characters, but only Andriel is able to gather herbs that are needed to combine to create potions.
You need at least two herbs combined to create a potion. The crafting alchemy process is also pretty simple, just combine them in your inventory, by double clicking on them

Below is given the title of each consumable, available as well as the added effects. Consumables do have a cooldown period and you can't stack the same types of consumables but you can combine effects. e.g. Healing Potions and Healing Cakes will give you a significant healing boost, but eating two healing cakes won't increase the duration of health regeneration.

Elixir of Learning - x2 experience, Duration: 1 minute
Healing Cake - increases health regeneration temporarily
Health Potion - heals a portion of health (45s)
Hero's Potion - each strike gives +1000 damage while in Heroic Mode, Duration: 2 minutes
Potion of Might - All strikes have minor area damage, plus enemies are slowed, Duration: 2 minutes
Potion of Quickness - Upon being struck there's a chance for a temporary increase in speed, Duration: 5 minutes
Potion of Resurgence - Protection from death while effect lasts by granting an auto-revive once, Duration: 2 minutes
Power Potion - restores some power (40s)
Rejuvenating Cake - increases power regeneration temporarily
Rejuvenation Potion - Restores both health and power
Restoring Cake - Increase health and power regeneration temporarily
Strength Potion - Strength x2, Duration: 1 minute
Victor's Brew - Rreceive orbs upon enemy death, Duration: 1 minute
Warding Potion - +50% of damage received is absorbed, Duration: 1 minute

There are 17 different herbs that you can collect across the levels.

In alphabetical order they are as follows:
Alfirin - Never Fade. A delicate bell-shaped, silver flower. (2s)
Arthrif - Noble Bark. A thin silver, grey tree bark. (1s)
Carandol - Red Cap. A small mushroom with a brilliant red cap. (3s)
Elanor - Sun-star. a small golden, star-shaped flower (3s)
Gwinuial - Twilight Vine. A low creeper with tiny blooms resembling dim stars. (1s)
Hithlas - Mist Leaf. A small bush with grey green leaves (1s)
Lothrond - Cave Flower. A fungus with a colourful cap which grows in seperate segments reminiscent of the petals of a flower. (2s)
Meluinen
Morthond - Black Root A dark, many-lobed tuber. (3s)
Naugrimbas - Dwarf Bread. A bloated unappealing mushroom. While it is edible it tastes perfectly foul. It takes its name from the fact that it is often used by dwarves as an emergency ration. (2s)
Naurivor - Flame Crystal. Tiny, fiery red crystals. (1s)
Niphredil
Orchamarth - Orc bane. A sickly-looking fungus which often proves deadly to those who handle it improperly. (3s)
Remmenthond - Tangle Root. A cluster of thin densely-intwined roots (2s)
Rhiwaeg - Winterthorn. A hardy shrub bearing many prickly leaves. (5s)
Simbelmyne - Evermind. A small, low growing white flower found in clusters. (2s)

Potions and other items are created by combining two ingredients together that have associated properties. Below is a table that lists the combinations.