Torch is a placeable item that can be used to provide light while exploring underground. It's an invaluable resource since it's the only way to fight darkness!
They are crafted from coal and wood planks.
Goo Torches can also be made using Goo instead of coal.
You can also make a bone torch using coal and a O-Bone. There is an alternate version of Coal Torch, but acts and looks the same.