Moonstone can be colorless, white, yellow, green, brown, orange, pink, or grey, but it always has a white or blue sheen. The best moonstone is colorless with a blue sheen. The colored varieties mainly come from India.

Some believe moonstone can be used to balance a one's yin and yang. This gemstone is thought by some to sooth and balance emotions and evoke calm responses. Called a visionary stone by some, moonstone brings inspiration, strengthens intuition and sensitivity, enhances creativity, allows the wearer to see situations from different angles, and helps one to see things more clearly. It has even been said that moonstone has the power to grant wishes. Some think this stone will build self confidence, enhance compassion, and promote happiness and longevity. It is also thought by some to be a stone of protection- especially for travel at sea, prgenancy, and childbirth.

Considered by some an ideal stone for lovers, moonstone is reputed to bring forth tender feelings, protect true love, support a person's emotional and dreamy tendencies, and increase sensitivity to others. It is said to attract friendship and loyalty to the wearer, encourage personal attachments, help obtain romance, and arouse tender passion.

Physically, moonstone is believed to reduce swelling caused by excess fluid in the body, align vertebrae, and aid with menstrual problems, hormonal issues, obesity, digestive system problems, and pituitary gland ailments.

Moonstone is considered a birthstone for February, a mystical birthstone for June, an astrological birthstone for the star sign Cancer, and the Ayurvedic birthstone for September.