For the items from Oracle of Ages and Oracle of Seasons see Light Ring L-1 and Light Ring L-2.

Light Rings are objects from The Legend of Zelda: The Wind Waker. These rings mark treasure located at the bottom of the sea, located directly beneath them. Link can use the Grappling Hook in conjunction with his boat, the King of Red Lions, to raise this sunken treasure from the bottom of the sea by lowering the Grappling Hook at the center of a Light Ring. Treasure Chests raised from the bottom of the sea contain a variety of Rupees.

Light Rings are found in various locations all over the Great Sea; some appear in daytime while some appear only at night. Due to their brightness and contrast to the surrounding ocean, they can be spotted from very far away with the Telescope. When Link nears a Light Ring, it fades away; however, it continues to produce a sound that Link can use to find the now-invisible Light Ring. The sound becomes louder the closer Link is to the treasure. When the sound level is at its peak, the treasure may be raised. Finding the chest usually boils down to trial-and-error; if Link forgets where the Light Ring was located, he can sail a distance away from it to make it reappear. Certain Light Rings can only be found during specific Lunar Phases. The locations of these can be seen on the Light Ring Chart.

When a Treasure Chart or a Triforce Chart is used to find treasure, the regular small circle of light is replaced by a tower of bright light that can be seen from a considerable distance, and even over obstacles. This light will still fade when Link gets close, but is easier to make out. The Treasure or Triforce Chart can be used in conjunction with the Sea Chart in order to pinpoint Link's exact location, making treasure easier to find than regular Light Rings. However, the light disappears at a longer distance, and finding these require more accuracy than regular ones. Treasure from large Light Rings consists of Silver Rupees, Pieces of Heart, a Triforce Chart, and, in one case, a Green Rupee.

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