Lodestone is used in many ways. It can align the chakras, and balance yin/yang energies. It is used to lessen or dispel grief, fear, anger, confusion, and attachment. It helps relieve burdens and increase energy and endurance. It is said to have been used to make soldiers invulnerable. Lodestone has a receptive, attracting energy that attracts power, as well as good fortune, and love. It also guards against infidelity.

Lodestone is related to the astrological signs of Aries, Capricorn, Aquarius, and Virgo.

Lodestone is said to strengthen the circulatory system, help with healing blood and bleeding problems, alleviate pain, boost the immune system, relieve agitation and depression. Lodestone is also said to be excellent for enhancing acupuncture.  

Note that healing crystal meanings are spiritual supports to healing and are not prescriptions or healthcare information. 

Lodestone (Magnetite) contains iron which though a necessary micronutrient can cause iron toxicity in large amounts. I suggest using the indirect method if creating gem elixirs with this stone.

Magically, lodestone is used for its power of attraction, and can be placed on an altar or worn during a ritual to increase a spell's power. It's been used for millennial for amulets and talismans. Lodestone is excellent for grounding and protection from evil and spells.

Lodestones are natural magnets & for many centuries have been used to charge spell items, primarily to attract things to the one using them -- good luck, healing, etc. Often two lodestones are carried: one to repel bad luck & one to attract good. Also used in charm bags. Lodestones are "fed" with iron filings on a regular basis, particularly when used in charm bags.