The Magician's Chest let the characters access to the Shadow Dimension, which has an inventory of 12 slots. In addition, things can be put into and taken from the shadow dimension through other Magician's Chests, the Magician's Top Hat and Shadow Chester. Edible items in the shadow dimension rot 1.5 times faster. The Magician's Chest cannot store irreplaceable items, like the Celestial Orb. If the container is destroyed, the items remain inside the shadow dimension. In order to gain access to them again, a player must build another container to access to the shadow dimension. There is only one shadow dimension per server: one on the Surface, one in Caves (due to Caves being a separate server).
Unlike the Magician's Top Hat, the Magician's Chest can be used by all characters.