The CORRECT title for the first installment of the well known Harry Potter book or film series. JK Rowling has personally said that her biggest regret about the series is the name change in some countries, and she thinks of it as 'Philosopher's'.
It makes much more sense calling it 'Harry Potter and the Philosopher's Stone' as a Philosopher's Stone is a real item that alchemists tried to create hundreds of years ago. Nicholas Flamel is also known to have been working on this. Throughout history, there is no record of any concept known as the 'Sorcerer's Stone'.
Harry Potter and the Philosopher's Stone is the first novel in the Harry Potter series written by J. K. Rowling and featuring Harry Potter, a young wizard. It describes how Harry discovers he is a wizard, makes close friends and a few enemies at the Hogwarts School of Witchcraft and Wizardry, and with the help of his friends thwarts an attempted comeback by the evil wizard Lord Voldemort, who killed Harry's parents when Harry was one year old.