The Philosopher's Stone, was a man-made, blood-red stone with magical properties.
It could be used to create the Elixir of Life, which extended the drinker's lifespan, as well as transform any metal into pure gold.
The famed alchemist Nicloas Flamel created the only known Philosopher's Stone in existence. Flamel used the Elixir of Life made from the stone to extend his and his wife Perenelle's lifespan for centuries.