Enchanting is the ability that allows the user to break down the components of any magical item and learn that enchantment. The user can then use Soul Gems to imbue that property to another item either created or found in the game.
Some common enchantments are Elemental enchants, such as Ice, Fire, and Shock damage. As well as Magicka and Stamina damage.
Uncommon enchantments include fortify enchantments on armor, such as fortifying magical damage, magicka restoration, healing, health, stamina, and more.
Some rare enchantments are those like Absorb enchantments, Health and Stamina, for example, they allow you to sap the health or stamina of your enemy, and give it to yourself with each strike.