It increases your Magic Level by 4 and protects you from death (-5% damage). A strong spellbook matched only by Umbral Master Spellbook for level 250+ at the moment. As for which is superior, the Umbral Master Spellbook provides resistance to the main 4 elements while the ancient arcana only protects against death. With that said, Spellbook of Ancient Arcana is especially good in PvP combat to absorb SD, while the Umbral Master Spellbook is better for most other things.
- This item is not dropped by any creatures.