ToE H5/HoF
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Level 1 Level 2 Level 3 Level 4 Level 5
Level 1
Blessing
Divine Strength - Cost: 4

Causes the selected friendly unit to inflict more damage in combat. Spellpower determines the duration of effect.

Minimum damage is increased to min+t*(max-min), where t depends on Light Magic mastery. At Expert Mastery, damage is always equal to maximum.

Divine Strength
t = 50%t = 65%t = 80%t = 100%
Blessing
Haste - Cost: 4

Causes the selected friendly unit to act more frequently in combat.

Initiative of the target is increased by 10%, 20%, 30% or 40%, depending on Light Magic expertise of the caster (None, Basic, Advanced or Expert).

Haste
+10% Initiative+20% Initiative+30% Initiative+40% Initiative
Level 2
Blessing
Regeneration - Cost: 8

The target creature gains health regeneration on its turn. Does not work on Undead, Mechanical and Elemental creatures.

The target regenerates 75%+Power*5% of its maximum Hit Points at the beginning of its turn.

Regeneration
1 turn2 turns3 turns4 turns
Blessing
Endurance - Cost: 6

Increases the selected friendly unit's defense strength. Spellpower determines the duration of effect.

Defense of the target in increased by 3, 6, 9 or 12, depending on Light Magic mastery.

Endurance
+3 Defense+6 Defense+9 Defense+12 Defense
Blessing
Cleansing - Cost: 10

Dispels positive magic effects from enemy creatures and negative magic effects from friendly creatures. Checks against caster level to dispel effects, so low level caster would be unlikely to dispel magic cast by high level mage.

Total dispel chance = base% + (Dispeller_Level - Original_Caster_Level) * 3%
Level of creatures is 1-7 for normal, and 2-8 for upgraded creatures.

Cleansing
base% = 40%base% = 60%base% = 80%base% = 100%
Level 3
Blessing
Deflect Missile - Cost: 6

Makes the selected friendly unit receive less damage from ranged attacks.

Damage reduction depends on Light Magic mastery, and is multiplicative with other ranged damage reductions.

Deflect Missile
-25%-40%-55%-70%
Blessing
Righteous Might - Cost: 6

Affected creature is filled with rage and a lust for blood, it gains bonus to attack.

Attack of the target in increased by 3, 6, 9 or 12, depending on Light Magic mastery.

Righteous Might
+3 Attack+6 Attack+9 Attack+12 Attack
Level 4
Direct Damage
Divine Vengeance - Cost: 14

Inflicts magical damage to selected creature that depends on the number of enemies selected creature killed from the beginning of combat.

The damage inflicted depends on the target's "frags": the number of creatures killed multiplied by their tier. For example, killing 5 peasants gives 5 frags, while killing 1 Paladin gives 6 frags. Killing a summoned creature gives no frag.
In the damage formula, F is the square root of the target's frags.

Divine Vengeance
F*(Power+10)3*F*(Power+10)4*F*(Power+10)6*F*(Power+10)
Displacement
Teleportation - Cost: 8

Teleports targeted friendly creature to another location on a battlefield (Only expert in Light Magic can teleport creatures over town walls)

Teleportation
Blessing
Magical Immunity - Cost: 7

Clears both positive and negative magic effects from the target stack and makes it immune to further magic spell effects. Can only be cast on friendly stack.

The target is immune to spells up to some level, depending on the caster's mastery. Only on Expert mastery is he immune to all spells.

Magical Immunity
Max. Level: 2Max. Level: 3Max. Level: 4Max. Level: 5
Level 5
Direct Damage
Word of Light - Cost: 15

Deals holy damage to all the undead and infernal creatures on a battlefield.

Word of Light
8+2*Power12+3*Power30+6*Power144+12*Power
Resurrection
Resurrection - Cost: 15

Permanently resurrects creatures in target friendly stack. Every use of this spell will decrease the hit points of the target stack by 10% of the initial hit points, until the end of the combat.

Health resurrected depends on Light Magic mastery.

Resurrection
20+5*Power40+10*Power60+15*Power240+30*Power
This information comes from the Heroes V release version (v3.0).

Thanks to sfidanza for the work on this page.
Thanks to ThE_HyDrA for creating and looking after the Heroes 5 section of Age of Heroes!