We first meet Natsu in a town called Harujion following a lead on the mage Igneel the Salamander who we find out is in fact his adoptive father (and a dragon!).  Igneel taught Natsu everything he knew and dissapeared one day, Natsu continues to look for him to this day. Natsu has inherited the nickname Salamander due to his incredible skill with fire magic. Natsu travels with a little kitty named Happy, who can fly and saves him on countless occasions

 Salamander Powers

Natsu is a fire mage, his powers include punching with fire, eating fire, and using dragon slayer 

Dragon Slayer is a technique that was used as dragon interception magic (like the name implies) it changes a persons constitution to that of a dragon. 

• Natsu's lungs fill with flames
• His body becomes as hot as fire and can even melt metal
• His nails become engulfed in flames

Attacks

• Salamander's Roar - Spits fire from his mouth
• Salamander's Wing Attack - If Natsu is lit on fire, he can use his arms to control the fire and shape it like a Dragon's wings. If an opponent falls into the path of the Salamanders wings, he is sent flying.
• Iron Fist of the Slamander - When Natsu consumes melted metal, he can use the constitution of the metal on his fist to deliver a powerful firey-punch

 Natsu tends to be low on cash, so he looks for missions at Fairy Tail often, where he tends to fight with everyone. He finds Grey and Elfman annoying, and seems to have a particular rivalry with Grey while a comical disrespect for Elfman (punching him out of the way while fighting Grey). Makarov the Fairy Tail Guild Master and Mira (Mirajane) seems to be one of the few people that actually understand Natsu.

Trivia:

• Natsu suffers from a terrible case of motion sickness
• He is very loyal to his guild
• He often overdoes it when he fights and causes more destruction than the villain

 Erza Scarlet is a female mage that is introduced in chapter 10. Her first appearance is signified by the gigantic horn she carries with her into the Fairy Tail Guild. Erza scares every member of Fairy Tail when she first appears, she is seemingly the most powerful member of Fairy Tail (aside from Master) when she first appears.

Erza is described as a serious and heroic girl by Mashima, Erza shows very strong leadership qualities in all of her appearances, although she isn't perfect (then again none of the Fairy Tail mages are ^^). Erza is overly violent and even asks Lucy to hit her when she forgets Natsu on the train during one of their missions, unfortunately no cat fight ensues, but Erza does end up going back to save Natsu.

Magic Sword

Magic sword magic is similar to stellar spirit magic, except instead of spirits, these mages summon weapons. These weapons exist in another dimension much like the Zodiac dimension of the stellar spirits. Erza's magic is high enough that she can seamlessly change between weapons in very quick speeds.

Techniques 

•  Double Sword - Erza uses two swords to attack enemies with
•  Spear -  Erza summons a spear to attack enemies
•  Axe - Erza summons an axe to attack enemies with

Magic Armor

As well as magical weaponry, Erza can also summon magical armor from another dimension similar to stellar spirits. It is explained that normal mages can only summon weapons, but Erza's magic is so high that she can summon armor as well.

Techniques

 The Knight  - Erza summons a magical armor that gives her the appearance of an angelic knight

 Attacks

Sword Dance - Circle Sword - Erza uses her magical swords to attack all enemies that surround her in a circular radius at the same time.

Magical Items:

 Magical Four-Wheeled Vehicle - A magical buggy that consumes the users magical energy when it is used, it is quite roomy however and can move as quickly as a train!

Trivia

• Erza is considered the strongest female in Fairy Tail
• Erza is called the Fairy Queen or Deitania's Erza
• Loki has tried to hit on Erza which ended disastrously for him ^^
• Happy comments that Erza's magic is very beautiful, because "lot's of blood came out in the end!" but Erza thinks Gray's magic is more beautiful, showing she isn't completely obsessed with violence

Note: Erza is not a name in any language I recognize, Elza on the other hand, is a German variation of the name Elizabeth, However in chapter 10 when Mira wrote Erza's name with the light pen, she spelled it "Erza" so for now I will spell it Erza, not Elza.

Lucy is the charismatic heroin of our story, quite an attractive character that isn't afraid to use her sex appeal to try and get a discount! However she doesn't enjoy all the attention from perverts and Natsu often has to save her because of it.

Lucy meets Natsu in Harujion where she is traveling, at the time she is just an aspiring mage, but soon after meeting Natsu she becomes a member of the Fairy Tail guild, and refers to herself as a rookie. 

Stellar Spirits 

Stellar spirits are summon-able creatures that form contracts with the mages that summon them. To summon a Stellar Spirit you must have its corresponding Key. Stellar Spirits seem to be named after constalations, 3 have been revealed to be Zodiac signs, and the rest are names of other constellations.

The Gates of the Ecliptic Zodiac - It is unsure what the exact location and Magic behind this area seem to be. However within it reside the 12 Zodiac Stellar Spirits

 Zodiac Symbols (Golden Keys *rare*)

• Cancer - Cancer the Crab,  No information has been revealed on this summon yet
• Aquarius - Aquarius the Water Bearer, we first see Aquarius in action during Chapter 1. She has control over water and looks like a mermaid. She can send a giant tidal wave which can carry entire ships at a target. She is quite selfish and even threatens Lucy's life  before dissapearing to spend some time with her boyfriend... her boyfriend (no need to repeat!)
• Taurus - Taurus the Bull. Lucy proclaims this as her most powerful Stellar Spirit. Taurus looks like a minotaur with a giant mycenean axe. He's quite perverted and even corrects Balkan advising him to call Lucy his boobs rather than his woman.

Other Spirits (Silver Keys *vendable*)

• Horologium - Horologium the Clock is first seen in chapter 2 when Lucy goes to mount Hakobe with Natsu and Happy on their first mission. Horologium looks like an old granfather clock and Lucy sits inside of him to shelter her from the cold. He doesn't appear to have any special powers thus far, but it can be assumed if he does have powers, they may have to do with time.
• Canis Minor (Plue) - Nicola - Later renamed by Lucy as Plue, because Nicola was too generic of a name. Lucy's newest summon. She purchases him at Harijion for 19000 Jewels. She refers to his key as White Doggy (Canis is a genus of dog and Plue is white..). Plue is the popular character from Rave, and several other mangas that Mashima has worked on. The only words he can vocalize are "Puuun!"
• Crux - Crux the Southern Cross is his title,  nothing more is known on the actual summon.
• Lyra - Lyra the Lyre is her title, nothing more is known of the actual summon.

Contracts - Contracts must be formed between a Stellar Spirit Mage and her/his spirits in order to summon them.

 Once the Stellar Spirit has been summoned for the first time, Lucy can form a contract with them. Contracts are very simple, but very important, a typical contract conversation consists of the following:

 As long as Lucy keeps buying Keys and making contracts with them, she can have an unlimited amount of summons at her disposal. However the contract which keeps the summon in use drains magical energy.

Magic

• Shebap -  Lucy has used this spell once against Bora's telekinisis to stop the wine in its tracks. It's meaning and power is a mystery 

Depending on what language Lucys magic is in, here are the possible meanings:

• Russian, Hungarian and Polish - Shebap roughly translates to house, or shed/lodge. If Lucy is speaking one of these languages, it's likely she's casting a protection spell.
•  Czech - Shebap roughly translates to accessory (possibly activating a magical accessory she has?)
• Serbian - Shebap roughly translates to  Devoid favor or unlicensed if Lucy is speaking Serbian, it's suggesting it may be a cancelling spell
• Icelandic - Shebap can translate into Speak Easy also suggesting it may be a cancelling spell

Lastly it's possibly Shebap is one of her remaining Stellar Spirits that can use its powers without being released

Lucy still considers her weak compared to the others of Fairy Tail, she wishes to get stronger now that she has made it into their guild

Trivia

• Lucy is 17 years old
• Hiro Mashima seems to have a crush on his own character, as he comments "a monkey is threatening her adulthood" which can be interpreted as a referance to her life or (due to the monkey being a pervert) her virginity
• Lucy is a fan-girl of Mirajane

Gray Fullbuster

Gray Fullbuster is first introduced in chapter 2, when Natsu and Lucy visit the Fairy Tail Guild. Immediately we see that he and Natsu do not get along at all. The reason for this is because Natsu is a fire mage, and Gray is an icemage, a fact that makes Lucy make fun of how simple the two of them are.

 Gray is considered one of the powerful mages in Fairy Tail, in fact the team of Erza, Natsu and Gray is considered the most powerful team in Fairy Tail! Despite his strength, Gray is quite quirky (just like all of the mages in Fairy Tail), his weirdness comes from the fact that he can't keep his clothes on. In fact, he gets into trouble with the council for stealing clothes from the town after losing all his clothes.

 Ice Magic

Although Gray hasn't shown off any of his attacks yet, an ice mage can create ice from his hands much like a fire mage can create fire magic from his hands. Gray doesn't seem to use any magical items, much like Natsu, instead he uses his own physical abilities to fight.

 Trivia:

• Although Gray can normally be found walking around naked, he does tend to look for clothes to wear after he realizes he has lost his own, oftentimes leading him to steal clothes that are drying.
• No matter how much clothing Gray has on him, he can still end up completely naked if you turn your gaze away from him, for even a moment.

Happy, the mystical, magical, wonderous... flying cat

 "I t-awt I t-aw a putty cat!"

That's right, it's a bird it's a plane it's the Catmander!! This blue kitten is the cute little symbol of the series. Despite his appearence, he is quite fearless and powerfull, while he may not fight directly, his assists have already saved Natsu and Lucy's lives twice!

Flight 

•  There's not really all that much more to say about it, Happy sprouts wings from his back and is strong enough to carry Natsu or Lucy to safety.

 Speculations

• Although he often makes silly comments, whenever it comes to magic he seems to be an expert. It's possible he's got his own secrets which will be revealed later.