Quote from American Heritage Dictionary:

"Any seemingly magical power or process of transmuting."

Description:

The archetype of ALCHEMY is represented by an angelical figure which is neither female nor male, but beyond sex. She has the symbol of initiation of third eye on the forehead, which implies that she belongs to higher levels of energy. Feet solidly touching the earth, head in the stars, she is deliberately obedient to natural law. ALCHEMY demonstrates life energy pouring between two pitchers; back and forth she transmutes rain of blessing and fire of purification. These elements form the infinity symbol. They do not combine, rather they symbolize an alchemical life-giving process which results in the conjunction of the opposites.

Interpreted use:

Great changes. Metamorphosis. You can give greatly to life.

Reversed (card received upside down):

Lack of reality. Wrong combinations. Superficiality.