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MMORPG.com's V D has provided us with this Alchemnt Training Guide for the classic MMORPG< Ultima Online.
Alchemy is a skill used to create potions by grinding reagents. It is more convenient than magery because potions use none of your mana and require only that you have one free hand and plenty of reagents. The potions you can create can be used for good (cure, heal, temporarily increase stats), or bad (explosions, poisons), or useful effects (refresh, nightsight).
Basic necessities of alchemy are reagents (the ingredients for your potions), mortars to grinds the ingredients, and a means to carry your potions. You can carry potions in either an empty bottle (1 potion only) or an empty keg (up to 100 of the same potion, but it must be poured into a bottle for usage). You can obtain an empty bottle from a NPC alchemists or a GM alchemist with glassblowing skills, and kegs can be made only by players that have carpentry and tinkering skills. If you do not have an empty bottle available you will get a message telling you so when you try to make a potion.
Read the Alchemy Training Guide