Some sources believed the Elixir of Life was a magic potion that was drunk from the Holy Grail to provide immortality. In the scriptures of the Hindus, the Elixir of Life is called Amrita. This was a drink for the gods made from the ocean of milk that provided immortality. In Greek texts, the gods drank Nektar or Ambrosia, which provided them with eternal life. Alchemists also present many theories, or symbolic representations and ciphers, on the Elixir of Life.

Other terms used to describe it are the water of life, tincture, Prasada, alkahest and Ab-e-Hyat (fiery essence). Some texts speak of the Philosopher's Stone and the Elixir interchangeably. One belief is that the elixir is made when the body is purified and the true essence is realized. Then the water of life would pour out from the body and leave only pure gold. This idea is metaphorical, of course. The elixir may be considered the purified life spirit.

If you look for a straight definition for the elixir of life, many books describe it as a substance that changes any metal into gold and/or prolongs life indefinitely. The alchemists also speak primarily about its healing properties as well as its energy. Zeropoint Technologies offers a gold elixir called the Portal, or Zynergy, which includes Zindium, or Aquagold, which all promote superhealth, balance, harmony, awareness, and openness of the mind, spirit, and body.