There are four main types of magical items.
Each has their own benefits and drawbacks, and can be found by looting dungeons, rarely dropping from certain mobs, or by purchased from the appropriate shop at spawn.
Potions are arguably the simplest and most common magical item a player will run into. Including the regularly brewable potions found in vanilla Minecraft, a player can also purchase a variety of not normally obtainable potions, such as the Water-Breathing Potion.
In addition to the standard effect-granting potions, you can also find potions such as the Villager Disguise Potion, which temporarily turns the player into a villager.
The main drawback of potions is the time required to drink a non-splash potion, and the un-stackability of them.
For more information about Potions, see here:
Wands are mostly defined by their ability to affect other players. Unlike non-splash Potions, Scrolls and Tomes, Wands target whatever is under the users crosshairs.
Wands are broken into two main categories, Combat and Status.
Combat Wands include the Fire Wands and Explode Wands, which directly damage other players.
Status Wands inflict status affects on other players, including healing , slowness and poison.
Benefits of wands include the fact that they can be stacked, and their superior range to splash potions.
However, effects given by wands tend to be very short..
For more information about Wands, see here:
Scrolls are similar to potions in that most are used to bestow status effects on the user. Effects granted by scrolls tend to be short-lived, normally only lasting for up to 30 seconds , and there is a delay between each time you can use one type of scroll.
However , scrolls are both stackable and instantly used . In addition to the standard effect-granting status scrolls , there are also scrolls such as Warp Scrolls , which instantly teleport users to the location without cool-down.
For more information about Scrolls, see here:
Tomes are unique in that, unlike the other main types of magical items, they have multiple uses and can be reloaded. Most tomes have equivalent versions of themselves in Scrolls, and use the scrolls to reload. Using a tome tends to have a lower cool-down time than a Scroll, but Tomes cannot be stacked, and have weaker effects than the equivalent scroll.
In addition, you may have less tomes in the hotbar than Scrolls at a time.