Pickaxe
Stick + Oak Wood Planks o Cobblestone o Iron Ingot o Gold Ingot o Diamond
Required to mine stone-related blocks, iron-related blocks and ore.
Axe
Used to chop wood-related blocks and pumpkins faster than by hand.
Shovel
Used to dig dirt, grass, sand, gravel and snow faster than by hand. Shovels are required to dig snowballs.
Hoe
Used to till dirt and grass blocks to prepare for crops (carrots, melons, potatoes, pumpkins, wheat).
Flint and Steel
Iron Ingot + Flint
Used to create fire and light portals.
Bucket
Iron Ingot
Used to collect and transport water, lava and milk.
Compass
Iron Ingot + Redstone
Points to the player's original spawn point.
Empty Map
Paper + Compass
Will create an image of an area explored while held. This can be used for path-finding.
Clock
Gold Ingot + Redstone
Displays positions of the Sun and Moon.
Fishing Rod
String + Stick
Used to catch fish. Can also be used to pull mobs and other entities.
Shears
Used to collect dead bush, leaves, tall grass, vines and wool from sheep.Also breaks leaves, wool, and cobweb faster than by hand.Shears can be used to collect tripwire without triggering a redstone pulse.
Fire Charge
Blaze Powder + Gunpowder + Coal o Charcoal
Can be shot out of dispensers. Also can be used to create fire and to light blocks and entities on fire.