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Alchemy: the science of understanding, deconstructing, and reconstructing matter. However, it is not an all-powerful art. It is impossible to create something out of nothing. If one wishes to obtain something, something of equal value must be given. This is the law of equivalent exchange; the basis of all alchemy. In accordance to this law, there is a taboo among alchemists. Human transmutation is strictly forbidden. For what could equal the value of a human soul?
In that one anime alchemy is used

Little Alchemy

A game where I goddamn don't know how to make life.
Idiot: Hey, wanna play a crappy game?
Idiot 2: Mhm, sure. Let's play Little Alchemy!
Idiot: Hell naw you bitch

Little Alchemy 2 

A game where you basically add 2 things together, and either end up with a new item, a item you already made, or nothing at all. You start with earth, air, fire, and water. You can go all the way up to tank and pizza.
Bob: Hey want to play a game
Jimmy: yea
Bob: I have 420 elements in Little Alchemy 2
Jimmy: I have 421
Bob: :O
The Hermetic science and art of causing change, both physically and spiritually. The term is also used to describe the spiritual practices of chemists from other ancient cultures, such as ancient Chinese "alchemists." In the old days, there was no division seen between spiritual and physical practices, but for the sake of modern obsession with duality, alchemy can be divided into two types.

Practical alchemy _is_ chemisty, studying and manipulating the properties of matter to get what you want out of the universe.

Spiritual alchemy is what is discussed when "turning base metals into gold" is described. It is a form of mysticism, spiritual self-improvement with analogies to chemical jargon. "Gold" is spiritual perfection, while the lesser "base" metals (such as lead) are impure states of the spirit, unenlightened and full of the problems of mortal life.

Knowledgable alchemists were never trying to make a potion for eternal life or a stone that would transform physical materials into gold.
I seek enlightenment through alchemy.
alchemy by Adrian August 29, 2005
In a nutshell, alchemy was "chemistry" before the periodic table. It was believed that combining the four basic properties (earth, fire, air, and water) in certain ratios could produce iron, gold, booze, and even life itself. Alchemy was no longer practiced after LaVosier's studies and the publishing of the Periodic Table of Elements.
The anime Full Metal Alchemist has very little to do with classical alchemy.
alchemy by Matt July 19, 2005

Turd Alchemy 

An unproven, purely theoretical construct that the psychological disorder known as Golden Turd Syndrome is based on, which is the idea that one’s shits are “golden” and that one is a human god and therefore can do no wrong and should not be confined by the laws that apply to others.
Turd Alchemy is the underlying irrational and pervasive pseudoscientific delusion responsible for the ongoing deification of Trump and his cronies by so many of today’s Republicans.
Turd Alchemy by Dr Bunnygirl September 22, 2022