Charms are items that the Ranger can acquire to alter his experience in the Forest. They may be unlocked when the Ranger levels up his relationship with a giftable person.
Only two charms may be equipped at a time unless the Ranger has a permanent object that lets him do otherwise. They are stored on the ground floor of his home in Town, where he can choose to equip them in any combination. When a Ranger dies in the Forest, one of his charms will be randomly selected to remain in the house for the next Ranger. If the Ranger dies in the Deadly Forest, multiple charms can be passed down.