The Magic Mirror is a unique item that returns a player to their spawn point. When used, a short animation plays before instantly teleporting the user to their set spawn point; if the player has previously used a Bed they will appear in front of it, but if no valid bed is found the user will instead return to the world's spawn point. This teleportation occurs at no cost, and can be repeated indefinitely without consuming the Magic/Ice Mirror.
An Ice Mirror is a variation on the Magic Mirror. Aside from appearance, it is identical to an ordinary Magic Mirror in every capacity, including acting as a valid component for a Cell Phone.
While nearly identical in function to a Recall Potion, the Magic Mirror has a noticeable startup delay.
Solid blocks placed over the world's spawn point will be destroyed when the player arrives in order to make room. These blocks will break as if they were mined normally and can be picked up and replaced.
Teleporting out of the Underworld with a Magic Mirror while under the Horrified debuff from the Wall of Flesh causes the player to die on arrival, with the death message '{Name of Player} tried to escape'.
Fall height will be reset when the Magic Mirror is used, allowing it to be used as a means to avoid lethal falls.
On the Old-gen console version, opening a storage item such as a Chest or a Piggy Bank while the Magic Mirror animation plays will crash the game upon arrival.
Trivia
Due to their reflective properties, mirrors play a powerful role in cultural literature and are often depicted as magical in nature. In video games, it is common for them to be used as a magical means of transportation between distant locations, into secret spaces or even into other dimensions.
The mirror has one of the longest base use times in the game, and is one of the few that have it listed as "snail".