The Heart Lantern is a unique variant of lantern, a hanging furniture item, that emits moderate light while also providing the Heart Lamphealth regenerationbuff. It must be hung from the underside of blocks, like other lanterns. The Heart Lantern is also a mechanism that can be toggled if wired. Toggling it off will only deactivate the light source, not the buff.
The Heart Lamp buff provides nearby players with a constant 1 health-per-second. The buff applies to any players standing within a rectangular area of 169×125[1] () / 100×84 () tiles centered on the Heart Lantern, providing a boost in health regeneration similar to the one granted by Campfires. The regeneration buffs from both items will stack together to provide a greater regeneration boost, and being within range of these items can also help to counteract the effects of damaging debuffs (such as Poisoned and On Fire!).
As with the Campfire, it may be useful to keep a Heart Lantern in the hotbar in dangerous areas, so that it can be placed easily for quicker regeneration.
It is also useful to have one placed permanently in the player's base, along with a Campfire and a honey bath.
The combined and continuous health regeneration from Heart Lanterns, Campfires, and honey can make many boss fights less difficult. Including one or more of these in any arena is usually a good idea.
↑Information taken from the PC1.4.3.6 source code, method ScanAndExportToMain() in Terraria.SceneMetrics.cs. There may be inaccuracies, as the current PC version is 1.4.4.9.