There are many Rings of Power in The Lord of the Rings (twenty in total), but there is only One Ring capable of ultimate power and control over all life. Though there is only One Ring, it does have many names—the Ring of Power, the Master Ring, and Isildur’s Bane.
These names were given to the One Ring because although there were nineteen other Rings of Power, Sauron (with the Ring) had control over all life including those who wore the other rings. The meaning of bane is to be a source of great distress, and so the Ring being the very object of evil was Isildur’s Bane since he chose to keep the Ring after defeating Sauron.
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But what does the One Ring do, who made it, and how was it made? The One Ring was made by the second Dark Lord, Sauron. Sauron is the primary antagonist in The Lord of the Rings trilogy that is heard mentioned in some way in almost every scene, but is only ever seen in action in the prologue during The Fellowship of the Ring (or the first movie). He is not to be confused with Saruman, or the White Wizard who is played by the late Christopher Lee, as a viewer who is not familiar with the story or characters may get the two confused because of how similar the names sound.
Going back in time just a bit before Sauron forged the One Ring, there was a Dark Lord before Sauron. Morgoth (first known as Melkor) was the first Dark Lord during the First Age. When he was defeated a final time, Sauron (who was Morgoth’s most powerful servant) went on to do his master’s bidding and become the second Dark Lord. He went into hiding after suffering a humiliating defeat, then years later took on a fair form as a disguise.
Sauron’s biggest goal when creating the Ring was to enhance his power and to deceive the Elves by giving them rings he could actually use to control them and all other living beings in Middle Earth. Although the race of Man would be easy to trick, Sauron preferred to try and gain control over the Elves since they were more powerful. When Sauron came to the Elves in disguise as an Elf, he called himself Annatar, bearing the title Lord of Gifts.
It might be worth mentioning that Sauron, after being in hiding for five hundred years, emerged not wholly evil. But his desire for power combined with the bonds Melkor instilled in him corrupted and consumed him, turning him fully evil. Sauron went to the realm of Eregion to the Elf smiths led by the greatest craftsman of all time—Celebrimbor. There, he presented himself as a wise teacher, slowly gaining the Elves’ trust and admiration, with the gift of sharing his knowledge of how to create Rings of Power.
Sauron had already claimed lordship over the land of Mordor, and while he gained the trust of the Elves by giving his encouragement to make the Rings of Power, he secretly began forging the One Ring in Mount Doom. Though he was very clever and good at manipulating others, Sauron wasn’t able to gain the trust of some of the Elves including Galadriel, Gil-galad, and Elrond. And because the other Rings of Power were connected to the One Ring, when Sauron put it on, the Elves immediately became aware of his deception.
They took their rings off and hid them, infuriating Sauron. On the Ring, Sauron wrote an inscription reading: One Ring to rule them all, One Ring to find them, One Ring to bring them all, and in the darkness bind them. Sauron knew the Elves would be hardest to control, which is why he worked so hard to gain their trust and admiration so they would aid him willingly. It is also why he enticed them to forge the Rings of Power, and they even forged three Elven rings independently of Sauron, but in theory it could also be because Sauron didn’t want to make the Rings of Power so they would be less powerful since someone else was making them.
So, although the other Rings of Power were made by the Elven smiths of Eregion, Sauron forged the One Ring. It was made in the fires of Mount Doom where Sauron poured into it all of his cruelty, malice, and will to dominate all life. Sauron intended for this to be the most powerful ring and to control those who wore the other rings. The reason the One Ring is so powerful is because of its direct connection to the second Dark Lord, whose desire for power would reach no end unless by force of another. That intense desire for power fueled by evil was so strong, it gave the Ring great power, with the help of an enchantment of the dark arts.