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In the history of science, alchemy refers to both an early form of the investigation of nature and an early philosophical and spiritual discipline, both combining elements of chemistry, metallurgy, physics, medicine, astrology, semiotics, mysticism, spiritualism, and art all as parts of one greater force. Alchemy has been practiced in Mesopotamia, Ancient Egypt, Persia, India, and China, in Classical Greece and Rome, in the Muslim civilization, and then in Europe up to the 19th century—in a complex network of schools and philosophical systems spanning at least 2500 years.

Alchemy was known as the spagyric art after Greek words meaning to separate and to join together. Compare this with the primary dictum of Alchemy in Latin: SOLVE ET COAGULA — Separate, and Join Together.

The best known goals of the alchemists were the transmutation of common metals into gold or silver (less well known is plant alchemy, or "spagyric"); the creation of a "panacea or the elixir of life," a remedy that supposedly would cure all diseases and prolong life indefinitely; and the discovery of a universal solvent.[1] Although these were not the only uses for the science, they were the ones most documented and well known. Starting with the Middle Ages, European alchemists invested much effort on the search for the "philosopher's stone", a legendary substance that was believed to be an essential ingredient for either or both of those goals. The philosopher's stone was believed to mystically amplify the user's knowledge of alchemy so much that anything was attainable. Alchemists enjoyed prestige and support through the centuries, though not for their pursuit of those goals, nor the mystic and philosophical speculation that dominates their literature. Rather it was for their mundane contributions to the "chemical" industries of the day—the invention of gunpowder, ore testing and refining, metalworking, production of ink, dyes, paints, and cosmetics, leather tanning, ceramics and glass manufacture, preparation of extracts and liquors, and so on (it seems that the preparation of aqua vitae, the "water of life", was a fairly popular "experiment" among European alchemists).

Source, http://en.wikipedia.org/wiki/Alchemy