The Bronze Axe is heavy and sturdy enough to crush barriaces. This is necessary to complete the Great Pyrmaid by smashing down some blocked doorways. The axe can also be used to break rocks found on the Western Bank, allowing access to some new items, and also opening a cave with an alchemist that teaches the Drain and Double Drain formulas.
The Bronze Axe's level 2 attack is to step forward while swinging overhead twice. Its level 3 attack has the Hero throw the axe, which circles around him slowly and then returns to his hand.