"Twenty Magical Rings"

The One Ring

One Ring to rule them all, 

One Ring to find them,

One Ring to bring them all

And in the darkness bind them

Twenty Magical Rings

Twenty magical rings were forged in the Second Age in Middle Earth. These were the Rings of Power, Knowledge and seduction. Sauron, the Dark lord intended to seduce the rulers of Middle Earth to evil, Corruption and depravity. Elven-smiths of Eregion, led by Celebrimbor made the nineteen of these rings. Then came the division of the rings of Power

The three were given to the immortals, Elves, brightest, wisest of all beings.

Seven rings for the Dwarves, the craftsmen living under mountain.

 Nine rings were gifted to the race of men, the meanest whose ultimately wish was to be powerful  

One additional ring, the One Ring was forged secretly by Sauron himself in the fires of Mount Doom.

Sauron in Mount Doom

Sauron prepared this ring for his evil desires with a terrible seduction. As such, the quest to destroy the Ring plays a central part in The Lord of Ringsand Its legendarium.  

The Rings of Power were the masterwork of the elven-smiths of Eregion headed by Celebrimbor, who was descended from Fëanor. The impetus for their creation came from Sauron, who could at that time still assume an appearance fair enough to deceive the Elves. A total of nineteen Rings of Power were forged by the Elves, sixteen of which were directly crafted by Sauron .The greatest three rings Celebrimbor crafted alone. Many other lesser rings were made, described in the The Silmarillion and by Gandalf, though they were generally considered as having been mere essays in the craft: practice, as it were, for the smiths. Sauron, however, planned to use the Rings against the will of other creatures and primarily to dominate the remaining Elves of Middle Earth. For this desire, he secretly forged the One Ring under the black shadows of Mount Doom, to command the other rings of power and their bearers according to his ill-will. However, when Sauron put the Ruling Ring on his finger, the Elves were immediately aware of this impulse and took off their Rings. Furious at this turn of events, Sauron came against the Elves with open war and demanded that the Rings be given to him. To the consequences of which Immortals: Elves were able to hide the greatest Three, but Sauron recovered the other sixteen magical rings. These he then divided between mortals: to the Dwarves and Men. Seven he gave to Dwarves, and Nine he gave to the corruptible hearts: the Race of men. This time the plans were with Sauron’s thoughts as the nine Men (seekers of powers) to whom the Rings were given became Nazgul, wraiths of great power under the command of Sauron. The Dwarf lords to whom the Seven were given became wealthy beyond measure, but they did not fall to Sauron's power. Instead, the Rings kindled in them the utmost thirst for treasure that led them to an unlimited ruin.

According to Gandalf, one feature of the Rings of Power that appeared to be universal was that a mortal who wore any one of the Rings was granted a lifespan far beyond their natural one. Examples of that are Gollum and Bilbo Baggins. It is likely that this is an unintended side-effect of the Rings' power, as Sauron originally intended for all the Rings to be worn by Elves, who were immortal to begin with. The individual who kept the Ring would not grow or obtain more life, however; they would merely continue until living became unendurable. Bilbo Baggins stated near the end of his time possessing the One that he was beginning to feel "thin and stretched", a sign that this process was beginning to affect him. At a moment Gandhalf says:

“The Ring has awoken, it’s heard its masters call.”
– Gandalf

Sauron(Dark Lord)

The Three Races: Wearers of the Rings of Power

 Elves, carefully, hidden the three magical Rings from Sauron. But their intend was not to dominate other races of Middle Earth or use the rings as weapons for war and gain some extraordinary power most superior than ever before but the reason was to preserve the fairest Elven domains where their wielders resided and aid in healing and resisting evil. However, they were still linked to the One Ring, and whoever wore it could, with effort, see the thoughts of those who wore the Three.

In The Silmarillion, it is indicated that the Seven Rings of the Dwarves were not fundamentally different from the Nine that were given to Men, for originally Sauron had intended the Seven and the Nine to reside in Elven hands so that he might control them. It is implied in that work that Sauron simply gave Men nine of sixteen lesser Rings because they were more easily controlled. However, the Nine and the Seven are referred to in other works as each being its own distinctive set. If they were different in their effects on their wielders or in the powers they conferred, it is not stated. It is also mentioned in Unfinished Tales that the Seven were created before the Nine. Sauron helped to create the Seven and the Nine, so it is likely that their powers and effects on their wielders were similar, even if each set was distinct. It is important to note that the fact that the Seven did not subdue the Dwarves is related to the resilient nature of the Dwarves themselves, not the Rings. It is likely that the effects of one of the Nine on a Dwarf would be the same as those of one of the Seven, and were a Man to wield one of the Seven, he would likely still become a wraith. The Three were fundamentally different because Celebrimbor, working alone, created them for specific purposes not in tune with Sauron's line of thought, and Sauron presumably did not know of their creation until after the fact.

The Three Races
Elves ,Dwarves,Men

Several other lesser rings

In The Silmarillion, it is described that the elves made many other magical rings, but these were the part of the practice of their knowledge to observe the power of their craftsmen. But it is still a mystery whether those rings were bound to the One Ring or not. Their ultimate fates are not known. If they were, then the spell of the rings was vanished with the destruction of One Ring.

The Three Rings

Narya, Nenya, Vilya

 Narya, Nenya and Vilya

Curufin’s son, Celebrimbor, alone, forged the Three Rings of Power that were never handed over or even touched by sauron. They were called Narya, the Ring of Fire. According to Unfinished Tales, at the start of the War of the elves and Sauron, Celebrimbor gave Narya to Cirdan, Lord of the Havens of Mithlond, who kept it after Gil-galad's death. Then held first by Gil-galad, who later gave it to Cirdan and then to Gandalf. In the Third Age Círdan, recognizing Gandalf’s admirable worth and nature as one of the Maiar from Valinor, gave him the ring to aid him in his labors. The ring has the specificities to inspire others to resist tyranny, domination, and despair. As well as giving resistance to the weariness of time:

"Take now this Ring," he said; "for thy labors and thy cares will be heavy, but in all it will support thee and defend thee from weariness. For this is the Ring of Fire, and herewith, maybe, thou shalt rekindle hearts to the valor of old in a world that grows chill" (Círdan the Shipwright to Gandalf). 

 Nenya, the Ring of Adamant, worn by Galadriel; is one of the Three Rings. The name is derived from the Quenya Nén meaning water. Nenya is described as being made of mithril and set with a "white stone", presumably a diamond, (this is never stated explicitly, although the usage of the word "adamant", an old synonym, is strongly suggestive

Vilya, the Ring of Air, Blue Ring, the Dominant Ring, or Ring of Sapphire is the greatest of the Three Rings.  Its preeminence is significant even over the other Rings of the Elves, since Vilya was the mightiest of these three bands (as mentioned in the ending chapter in The Return of the King). At first the bearer was Gil-galad who later gave it to Elrond. 

They remained hidden, and no clue of their whereabouts was openly revealed until the end of the Third Age, after the One Ring was destroyed, and the Dark Lord Sauron was overthrown. These rings are invisible instead of making the bearer invisible. Galadriel revealed her possession of one of the rings to Frodo while he was in Lothlórien after he saw her ring. This is because of his possession of the One Ring. She even told him the quality of Hobbits:

“Even the smallest person can change the course of the future.”
"For the time will soon come when Hobbits will shape the fortunes of all"

_Galardriel

The Three Rings

Later, while traveling down the River Anduin, Frodo discuss about the Galafriel’s ring possession to Aragon, and he, at once, rebuked him not to speak of it outside of Lorien.

Each of the Three Rings had special properties, but their powers were limited. During The Council of Elrond, Elrond stated that neither he, nor Lorien, nor the Havens (the locations of the Three Elven Rings) had the power to withstand the might of Mordor.

The Seven Rings

The Seven Rings

Seven Rings were gifted to the Dwarf-lords by Sauron (although according to dwarvish tradition the Elven smith Celebrimbor gave the mightiest to Durin III personally).

The Seven Rings were used to establish their fabled treasure hoards that attract dragon the most. But, Sauron, according to portions of The Silmarillion was failed in the task to force the Dwarven bearers to yield before his ill-will. Indeed, they were immune to some of the more detrimental of the rings' effects. The reason of the resilient force of denying the spell of the ring is the dwarves' natural hardiness, and the fact that it was only the more powerful dwarf lords who possessed them, made them resistant to Sauron's control. While the Rings presumably proof a drastic benefit for the Dwarf lords who wielded them a greatly increased life span, and they presumably did not age. And the aftermaths were the same as to every other creature of Middle earth that the ring brought to them a treasure of Wealth and an unlimited greed for treasures of Wealth that led them to nowhere but destruction. At the time of The Lord of the Rings four rings had been consumed by dragon fire and the rest re-acquired by Sauron. The mightiest of the Seven was taken from Thrain II, heir of Durin, who had been captured and tormented by the Necromancer (Sauron in disguise).

Dwarf Lords

The Nine Rings

Then remain the nine rings that were given to the mortals: the race of men. The race that can be easily seduced for Power, a desire to become greatest in all domains of earth and  dominate all other creatures. These evil-hearted men doomed to become Nazgul, the Ring wraiths, visible spirits. The rings were in the fingers of men but someone else got the command of thoughts of ring wearers and they become mere puppets in the hands of sauron. They followed sauron as evil-servants. None are mentioned specifically throughout the Lord of the Rings save their leader, the Witch-king of Angmar. His second-in-command is named in unfinished Tales as Khamul the Black Easterling

Thr Nine Men

The line from Tolkien's epigraph, "Nine for Mortal Men doomed to die" refers to the fate of men, uniquely among the creations of Eru to pass beyond Arda to a destiny unknown to the elves. It was this uncertainty, and Men's envy of elven immortality in the Blessed Realm which Sauron exploited, leading to the destruction of Numenor.

The Nine Men acquired great power and wealth by the spell and power of the rings, became powerful Sorcerers, later Ring wraiths and appeared to be immortals, for they did not age. After a time however, life became unendurable to them, and when they put the Rings on, they often beheld the delusions of Sauron. Sauron was most successful with the race of men because of the everlasting greedy nature of man and inability to resist evil or bring, easily, evil out of them. So by the Sauron’s permanent possession they doomed to spread evil in Middle Earth, and became wraiths and did only Sauron's bidding.

Ring Wraiths (sauron's Black Riders)

 They remained permanently visible to the Elves who had once dwelt in the Undying Lands (by the Third Age) and Maiar such as Sauron and the Wizards. They were also visible to wearer of One Ruling Ring. But they appeared invisible to other creatures of Middle Earth. As Sauron became stronger however, they became much more powerful, to the point where the Witch King was presumably able to match Gandalf-the White in strength and vice versa

Nazgul

But it remained ambiguous where the Nine were physically kept. At the Council of Elrond the history of the Rings of Power is being discussed, and it is stated that Sauron has "gathered the Nine to himself," although it is also said that "the Nine the Nazgûl keep." This could mean either that the Nazgûl wear their rings while in the service of Sauron, or it could mean that after they fell and became enslaved to his will Sauron took their rings and kept them in Barad-dur  Tolkien does not describe him wearing a ring, nor did either Gandalf or Aragorn express concern for whereabouts of the nine rings afterwards.