From TS3wiki

Sims can create a variety of potions and increase their Logic skill using the Catalyst Chemistry Lab Station. Your Sim can research formulas for new potions using Discover Potion. Sims can then make that Potion whenever they like using the Lab Station. Anytime a Sim makes or discovers a potion, it can be found in the Sims inventory.

Sims who are adept in the Logic Skill can Mix Potions into Drinks. This creates a Mysterious Drink that looks like a glass of water, but causes any Sim who drinks it to undergo the same effects as the mixed in Potion. Leave a Mysterious Drink on the counter or put it in the fridge and watch as other Sims unknowingly ingest the potion. Hijinks are sure to ensue!

One a Sim has discovered all 10 potions they achieve the Master Chemist Skill Challenge in the Logic Skill Journal. This allows Sims to make potions at a 25% cost reduction.

Here are the 10 potions and their details...

1 File: Mood Enhancer Potion.png Mood Enhancer §3 Improves your mood!
2 File:Stink Juice Potion.png Stink Juice §10 Eww... stinky!
3 File:Liquid Horror Potion.png Liquid Horror §20 Leaves the imbiber particularly horrified.
4 File: Radical Reparum Potion.png Radical Reparum §50 Instantly repair anything and everything!
5 File: Bladder Flow Potion.png Bladder Flow §75 It goes right through you... and onto the floor.
6 File: Sleeping Elixir Potion.png Sleeping Elixir §90 Do you sleep like a rock?
7 File: Ghost Potion.png Ghost Potion §96 All the benefits of being a ghost with none of the performance of death.
8 File:Ninja Vanish.png Ninja Vanish §250 Poof! Now you're home.
9 File: Imaginary Friend Metamorphium Potion.png Imaginary Friend Metamorphium §4,500 Turns childhood friends into real Sims.
10 File:Young Again Potion.png Young Again §5,000 A veritable fountain of youth!
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