Ores

Ores are a primary crafting material for most equipment. Ores can be smelted down in a Furnace to create bars, the primary component for tools, weapons, and armor. In addition, mined ores can be placed again for use in building. Ores are usually found strewn about the underground layers of the world, however, lower tier ores may be found protruding from the surface.

Copper is the first tier of metal available to the player and can be found throughout the Underground and Cavern layers, as well as protruding from the surface in pockets. Requires 3 ore per Copper Bar.

Tin is the alternative to the Copper Ore and can be found throughout the Underground and Cavern layers, as Copper Ore. Requires 3 ore per Tin Bar.

Iron is the second tier of metal players can find. It is most prevalent throughout the Underground and Cavern layers, but pockets can also be found near the surface as well. Requires 3 ore per Iron Bar.

Lead is the alternative to the Iron Ore. It is most prevalent throughout the Underground and Cavern layers too. Requires 3 ore per Lead Bar.

Found starting in the Cavern layer, Silver is stronger than Iron but weaker than Gold. Silver may also be found in Floating Islands. Requires 4 ore per Silver Bar.

Tungsten is the alternative to the Silver Ore. It is found starting in the Cavern layer. Requires 4 ore per Tungsten Bar.

Found deeper in the Cavern layer, Gold is stronger than Silver Ore and it is not so easy to find it like Silver Ore. Gold may also be found on Floating Islands. Requires 4 ore per Gold Bar.

Demonite ore was the only ore that wasn't mined in previous versions. It is dropped by boss monsters, but is now also generated naturally in veins like other ores. Demonite ore is commonly found in 3-5 block veins, but is more plentiful near chasms. Combined with Shadow Scales from the Eater of Worlds it can be used to craft high tier tools, weapons, and armor. Requires 4 ore per Demonite Bar.

After destroying a Shadow Orb, a Meteorite may crash somewhere in the world, generating a large amount of Meteorite Ore and constantly spawning Meteor Heads when the player is near. Meteorite burns the player unless they equip an Obsidian Skull, an Obsidian Shield, or have drank an Obsidian Skin Potion. Requires 4 ore per Meteorite Bar. Meteor Heads also have a 2% chance to drop Meteorite.

Found only in the Underworld layer of the world, Hellstone burns the player without the protection of an Obsidian Skull, Obsidian Shield, or the Obsidian Skin Potion. Hellstone is the strongest ore available for tools, weapons, and armor without activating Hardmode. Requires 1 Obsidian and 4 Hellstone per Hellstone Bar. A Hellforge must be used to smelt Hellstone bars, not a normal forge. Players can find Hellforges in the Underworld, but they can only be freed using a Meteor Hamaxe, a Molten Hamaxe, a Pwnhammer, a Drax, or by removing the blocks below them.

New ore added in the 1.2 update. Not much is know about this ore yet, only that it appears to replace Demonite in worlds generated with the Crimson instead of the Corruption. Requires 4 ore per Crimtane Bar. Can be combined with Tissue Samples to create Crimson weapons and armor.

Hardmode ores
After destroying a Demon Altar (which requires using a Pwnhammer or Drax), Cobalt Ore, Mythril Ore, and Adamantite Ore will appear in the Underground and Cavern layers. Those ores can be found particularly easily near lava in the cavern layer, in the Underworld roof and in the intersection between both.

Requires 3 ore per Palladium Bar.

Requires 4 ore per Orichalcum Bar.

Requires 5 ore per Titanium Bar.

Cobalt is the weakest of the three Hardmode ores and requires a Molten Pickaxe or better to mine. It requires 3 ore per Cobalt Bar.

Mythril is the middle tier of the Hardmode ores and requires a Cobalt Drill or better to mine. It requires 4 ore per Mythril Bar.

Adamantite is the strongest of all Hardmode ores and requires a Mythril Drill or better to mine. It requires 5 ore per Adamantite Bar. An Adamantite Forge must be used to smelt the ore into Adamantite Bars.