Alchemy definition: a form of chemistry and speculative philosophy practiced in the Middle Ages and the Renaissance and concerned principally with discovering methods for transmuting baser metals into gold and with finding a universal solvent and an elixir of life.. The meaning of ALCHEMY is a medieval chemical science and speculative philosophy aiming to achieve the transmutation of the base metals into gold, the discovery of a universal cure for disease, and the discovery of a means of indefinitely prolonging life. What is alchemy ? The art of alchemy was handed down through the centuries from Egypt and Arabia to Greece and Rome, and finally to western and central Europe. The word is derived from the Arabian phrase "al-kimia," which refers to the preparation of the Stone or Elixir by the Egyptians. If your favorite but perpetually losing team picks up a couple of new players and the result is suddenly an unbeatable combo, that's alchemy — any seemingly magical act involving the combining of elements into something new.
