Swords:

Kokiri Sword = (Young Link Only)

In the training center of Kokiri Forest, near the Know-It-All-Brothers house, go into the small cave.  Watch for the boulder and you will find the sword in the treasure chest in the back.

Master Sword = (Adult Link Only)

Found in the Temple of Time. This is Link's primary sword in his adult adventures. Used to travel in time at the Temple of Time.

Giant's Knife = (Adult Link Only)

Found on the lowest floor of Goron City behind the wall that needs to be bombed.  Cost 200 rupees. Breaks very easily.

Goron's Sword = (Adult Link Only)

Exactly the same thing as the Giant's Knife, except it will not break.  A broken giant's knife will be fixed at the end of the adult trading sequence.

Shields:

Deku Shield = (Young Link Only)

Link's primary shield.  Bought in the Kokiri Forest Shop. Will burn to ashes if any fire, lava, ect… is touched to it.

Hylian Shield = (Young and Adult Link)

Adult Link's primary shield. As an child it is used on his back, while as an adult he can hold it in front of himself.  It is not vulnerable to fire, lava, ect… It can be found in the graveyard (under a tombstone as a child) or can be bought in the Hyrule shop.

Mirror Shield = (Adult Link Only)

Reflects light and some magical attacks.  Found in the Spirit Temple.

Tunics/Clothing = (Blue & Red Adult Link Only)

Green - Young Links only clothing, has no advantages

Red - Protects Adult Link from the heat in the Volcano and          Ganon's Castle. Found in Goron city.  Can be bought there or given to Link by the baby Goron rolling around.

Blue - Protects Adult Link from drowning underwater. Given to Link after unfreezing the Zoran King.