Magic is limited very easily. You may have no more than 5 of a specific spell at a time. Also, you may only stock 5 different spells at once. That gives you a total of 25 spells to work with at any given point. Now, in combat, your spells do a variety of things, all of which are listed below. You should keep up with which spells you have used and list them in your signature. Example:

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Life Magic - Generally heals you, but does have other effects.
Support Magic - Offers helpful but nondamaging or healing effects.
Status Magic - Affects
Fire Magic - Allows you to cast fire magic.
Ice Magic - Allows you to cast ice magic.
Thunder Magic - Allows you to cast thunder magic.
Time Magic - Allows you to manipulate your opponent's turns.
Forbidden Magic - Is not allowed and is here for reference only.
Other Magic - Stuff that doesn't fall in the other categories.

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Which spells may I have?
If you're a civilian, you may have anything in light green, although it will only work at half power (example, cure will only heal 1 point; except dispel, it will still remove 1 status effect). If you're a SeeD candidate, you may have anything in light green or yellow. If you are a SeeD operative, you may have anything in light green, yellow, or blue. Anything in another color must be found. Gray may not be used.

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Life Magic
-Cure Heals the target for 2 points.
-Cura Heals the target for 4 points.
-Curaga Heals the target for 6 points.
-Regen Heals the target for 1 point for 5 turns.
-Life Revives a knocked out ally to 5 less than maximum points.
-Full-Life Revives a knocked out ally to zero points.
-Zombie Causes 'cure' magic to have the opposite effect (i.e., cure deals 2 points, life knocks the target out).
-Death Sets the target to maximum points.
-Holy Adds 8 points to the target.

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Support Magic
-Esuna Removes all status effects.
-Dispel Removes one status effect (at a time).
-Protect Prevents points being added because of physical attacks for three turns.
-Shell Prevents points being added because of magical attacks for three turns.
-Reflect Causes spells cast at the target to be reflected back on their caster.
-Drain Removes two points from the caster and puts them on the target.
-Aura Allows one additional use of a limit break.

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Status Magic
-Bio Poisons the target, dealing 1 point for 5 turns.
-Break Petrifies the target, preventing them from doing anything for three turns.
-Blind Prevents the target from being able to land a physical attack for three turns.
-Silence Prevents the target from being able to cast magic for three turns.
-Berserk Target deals double damage but can only physically attack for three turns (no limit breaks).
-Sleep Puts the target to sleep for three turns. Physical damage wakes them.
-Confuse Target attacks mindlessly for three turns.
-Pain Target is afflicted by Bio, Blind, and Silence.
-Meltdown Target takes double points from all attacks.

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Fire Magic
-Fire Deals 1 point.
-Fira Deals 2 points.
-Firaga Deals 3 points.
-Flare Deals 4 points.

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Ice Magic
-Blizzard Deals 1 point.
-Blizzara Deals 2 points.
-Blizzaga Deals 3 points.
-Water Deals 4 points.

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Thunder Magic
-Thunder Deals 1 point.
-Thundara Deals 2 points.
-Thundaga Deals 3 points.
-Aero Deals 4 points.
-Tornado Deals 5 points.

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Time Magic
-Haste Speeds target up, allowing them to go twice before their opponent does.
-Slow Slows target for three turns, allowing the caster to go twice between target's posts.
-Stop Stops target for three turns.
-Quake Earthquake attack that does not affect flying opponents. Deals 4 points.
-Demi Gravitational attack that deals half the number of points left to knock the target out.
-Double Two spells can be cast simultaneously.
-Triple Three spells can be cast simultaneously.

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Forbidden Magic
-Meteor Summons a meteor shower; deals 7 points.
-Ultima Nuclear explosion; deals 10 points.
-Apocalypse Deals 15 points.

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Other Magic
-Float Allows the target to avoid earth-based attaacks.
-Scan Tells the target how many points left to knock out an opponent.