There are 26 Rings in total scattered across the ArchStones of Demon's Souls and provide various useful effects for each and every situation. Two of the same Ring cannot be worn at once and it is highly recommended to make full use of these, as they prove a potent asset to you in battle, and out.

Name Effect Location
Cat's Ring Negates fall damage. 5-2, among the scattered islands before the first fog gate.

Sold by Patches, the Hyena in the Nexus for 40,000 souls.

Clever Rat's Ring 50% increase in Attack Power when below 30% HP 3-1, on a corpse in front of the Automated Ballista Machine.
Cling Ring Increases your Max HP in Soul Form depending on Character Tendency 1-1, at the bottom of the tower stairwell past the first encountered Blue Eye Knight.
Dull Rat's Ring 50% increase in defense when below 30% HP 3-1, gifted after you rescue Lord Rydell.
Eternal Warrior's Ring Increase of stamina regeneration 1-1, dropped by Old King Doran.
Foe's Ring 20% increase in damage when in Black Phantom Form Final reward from Mephistopheles quest-line in the Nexus.
Fragrant Ring MP Regeneration at a rate of 1MP/4Sec Nexus, sold by Patches, the Hyena for 60,000 Souls
Given to the Royalty starting Class
3-2, located in the swamp section
4-1, give Brass Telescope to Sparkly the Crow.
Friend's Ring 20% increase in damage when in Blue Phantom Form Speak to The Monumental in the Nexus when character tendency is Pure White.
Graverobber's Ring Makes it less likely for Black Phantoms to detect you 4-1, located just before the boss on a ledge in the open room

Dropped by Graverobber Blige.

Master's Ring Increases direct hit damage by 15%, decreases damage for all other attacks 1-1, Body Form Miralda drop

2-3, follow the top path back from second ballista.

Regenerator's Ring HP Recovery at 4HP/Sec 4-1, At the end of the path past the Crystal Lizard
4-1, give the Jade Hair Ornament to Sparkly the Crow
5-2, alongside the right wall as you enter the swamp.
Ring Of Avarice Gain 20% more Souls from enemies 3-1, sold by Mistress for 50,000 souls

3-2, after the Heart has fallen, access is gained to the tower in which this Ring resides.

Ring Of Devout Prayer 1 Extra Miracle Slot Dropped by Saint Urbain
4-1, give the Large Sword of Moonlight to Sparkly the Crow
5-2, Selen Vinland drop/sub-quest
Ring Of Disease Resistance Multiplies Base Plague Resistance by 4 2-2, located on the scaffolding opposite Scirvir, the Wanderer

3-2, at the Primeval Demon location in the poison swamp.

Ring Of Flame Resistance Fire Defence +40 1-1, located in the middle of the dragons nest

2-2, a gift from Patches, the Hyena if you clear his trap.

Ring Of Gash Resistance Multiplies Base Bleed Resistance by 4 1-2, it is found in the tunnel under the bridges

4-2, speak to Patches, the Hyena after you rescue Saint Urbain.

Ring Of Great Strength Equipment Weight is increased by 50% 1-1, located by the dragon's sweeping tail in the nest

Dropped by Biorr, of the Twin Fangs.

Ring of Herculean Strength Load Weight is increased by 50% Give the Jade Hair Ornament to Stockpile Thomas in the Nexus

Is dropped by Stockpile Thomas should you kill him.

Ring Of Magical Dullness 20% increase in Magic Defence,

40% decrease in Magic Power

4-1, give Phosphorescent Pole to Sparkly the Crow

5-1, on the last wooden platform at the end of first shortcut.

Ring Of Magical Nature 1 Extra Magic Slot 1-3, where Yuria is held captive in the tower

Dropped by Yuria.

Ring Of Magical Sharpness 20% increase in Magic Power

30% decrease in Magic Defence

3-1, on the 4th floor in one of the four iron maidens located in a cell

Dropped by Sage Freke.

Ring Of Poison Resistance Multiplies Base Poison Resistance by 4 1-1, past Miralda's location on the stairs

2-1, in a hidden area by the lava pit.

Ring Of Sincere Prayer Miracle power is increased by 50% but takes longer to cast 5-3, Maiden Astraea Archstone.
Ring Of the Accursed The wielder becomes enemies' top priority to attack 1-3, where Yuria is held captive in the tower

Dropped by Mephistopheles in the Nexus.

Ronin's Ring Reduces the rate of weapon attrition by 50% 4-2, located in the slug cave area before the Old Hero

2-2, dropped by the Body Form of Scirvir, the Wanderer.

Thief's Ring Becomes harder for enemies to detect 1-1, on the platform behind Ostrava

5-2, located by the island beside Selen Vinland Dropped by Patches, the Hyena.

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Ultimate Ring? - last post by @ Aug 16, 2012
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