Lantern

Backround
The Lantern has had various different incarnations in its history, with its first major use in the SNES title of the series "A link to the past" however, the item took a back seat in the major console titles, with a larger emphasis taken on "Fire Arrows" used to create light or do damage to other enemies. The lantern however, has been used more often than not on the handheld versions of the series, after making an apperance in most handheld titles, up to and including "Minish Cap"

A Link to the Past
The manual description :

This is the first item you are likely to find in your adventiure. The lantern lights the torches in the dungeons and brightens the dungeon rooms. It consumes Magic Power to light the torches, and they go out after a time.