Fire Element spells have a small chance of reducing enemy defense by 25%.
Lightning Element spells have a small chance of reducing enemy magic by 25%.
Ice Element Spells have a small chance of reducing enemy attack by 25%.
Wind Element Spells have a small chance of reducing enemy speed by 25%.
Light Element Spells (Aurora) have a chance of reducing all enemy stats by 50%.
Banish will kill your enemy instantly if it is not blocked with Defensive Magic. If it hits successfully, your HP will be reduced to 1. Also, if Banish is bounced or reflected, the person who bounced's HP will be reduced to 1, too.
Rust will break a piece of your enemy's equipment if it is not blocked with Defensive Magic. It will fail to break equipment if Rust kills the enemy, whether or not it was defended against.
Aurora is arguably the best for overall usefulness. Keep this in mind when playing story mode or free play.
Drain halves the target's current HP, but it doesn't work on Overlord Rico, so don't use it when you are trying to beat Chapter 7 or the Final Chapter!
A basic spell that damages with fire.
An improved version of Scorch that creates a fiery explosion.
3 Giga Blaze
The strongest fire magic. It does an amazing amount of damage.
A basic spell that damages with lightning.
Calls multiple lightning bolts to strike your enemy.
6 Lectro Beam
Summons a thunderstorm to assault your foe with powerful lightning bolts.
A basic spell that damages with ice.
Creates chunks of ice that fall on your enemy.
9 Ice Barrage
Conjures a massive blizzard that does lots of damage.
A basic spell that damages with wind.
Causes a gust of wind to slice at your opponent.
12 F5 Storm
Blows away your opponent with a tremendous tornado!
13 Mirror Image
Creates a mirror image of yourself to attack your opponent.
Lets you quickly appear close to your foe and attack!
Damages your opponent with holy light.
Curses the target to randomly attack oneself.
Puts your opponents to sleep to prevent them from attacking.
Blinds your foes, helping you to dodge their attacks.
If successful, this spell will kill your enemy instantly, but your HP will drop to 1.
Halves the opponent's HP and adds it to your HP.
Swaps HP with your opponent.
Steals 1/4 of your opponent's money.
Breaks your opponent's equipment. Has no effect on monsters.