A summary of all the effects that potions can have
Name
Effect
Increases jump height and reduces fall damage, higher levels make the affected entity jump higher and reduces more fall damage
Wobbles and warps the screen, and increasingly gets worse
Reduces damage, higher levels reduce more damage
Grants Invisibility, making the affected entity invisible (but not the item they hold or the armor they wear), and reduces other mobs' detection range for the affected entity
Lets the player see well in darkness and underwater
Increases chances of better and more loot, higher levels increase the chances of better and more loot
Reduces chances of better and more loot from fishing and chests, higher levels reduces the chances of good loot even more
Causes an ominous event upon entering a village or the trial chambers