Applejack possesses the element of honesty. As Applejack tries to save Twilight Sparkle from hanging over the edge from a long drop, she tells her to let go, much to Twilight's surprise. Applejack says that if Twilight will trust her and let go, she will be safe. Twilight does so, and mid-fall, she is caught by Rainbow Dash and Fluttershy. Her spirit was symbolized by her gold necklace with a citrine shaped like her cutie mark.
Fluttershy's element is kindness. When the group encounters an angry manticore, they decide to fight it in order to get past it, but Fluttershy intervenes and approaches it calmly. She discovers that a thorn stuck in its paw is causing the Manticore discomfort and therefore angering it. She removes it and calms the beast, letting the ponies pass. Her spirit is symbolized by her gold necklace with a pink opal shaped like her cutie mark.
Pinkie Pie's element is laughter. After wandering into a darkened area of the forest, the group is frightened by trees carved with scary faces. However, Pinkie just laughs and makes funny faces, causing the faces on the trees to vanish. She explains that they can conquer their fears simply by laughing at them. Her spirit is symbolized by her gold necklace with a blue topaz shaped like her cutie mark.
Rarity holds the element of generosity. After encountering a flamboyant sea serpent who is upset about his mustache being ruined, Rarity, who is angered by this "crime against fabulousity," sympathizes with him and cuts off part of her own tail so that his mustache can be restored. Her spirit was symbolized by her gold necklace with an amethyst shaped like her cutie mark.
Rainbow Dash's element is loyalty. After the ponies reach the old castle, Rainbow Dash repairs the rope bridge for them to get across. She is confronted by a group of dark ponies who call themselves The Shadowbolts. They ask Rainbow Dash to join them as their captain, which would fulfill her dream of becoming part of an elite flying club, but at the cost of abandoning her friends. Rainbow Dash declines their offer and ties the bridge, letting the others cross. Her spirit is symbolized by her gold necklace with a ruby shaped like her cutie mark.
Twilight Sparkle's element is magic, and is the most powerful element of them all. After she realizes that she has friends for whom she truly cares, a spark within her ignites upon hearing her new companions arrive to her aid. This causes the five spirits to reveal themselves, which in turn reveals the sixth and final element. Her spirit is symbolized by a gold tiara with a magenta tourmaline shaped like her cutie mark.
Princess Celestia and Princess Luna
Princess Celestia tells Twilight and her friends in The Return of Harmony Part 1 that the Elements were originally wielded by herself and Princess Luna and were used to defeat Discord by turning him in to stone. Sometime later, Princess Celestia used all of the elements herself to defeat Princess Luna, who had become Night Mare Moon, and sealed her in the moon. Celestia explains that the Elements are even more powerful in the possession of their current bearers, as by harnessing the magic of their friendship, they are able to unleash the full potential of the Elements. Having been effectively passed on, they are no longer connected to the sisters and are currently incapable of using them.
AURORA: Yes. It's just like the test.. Clear, fly, fall, complete
SCOOTALOO: But we failed that test!
AURORA: Well it's worth a try anyway.
SCOOTALOO: *repeats loud enough so the rest of the frightened victims could follow along with the plan* Clear! Fly! Fall! Complete!
BOTH: One.. two.. THREE!
A collective shout reverberated around the room, as every filly that could actually fly took off. The suited ponies gasped and fell back, unsure of where to go. There was too much confusion. A few of the faster thinking ones took off as well, tasers at the ready, aiming...