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Is it possible move faster in Terraria? I mean, when you are very deep in the underground is it possible returning to the surface faster, using elevator, for example, or other things? Or when you need to move from the left edge of the world to the right edge?

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There is this useful wiki page about items that modify your horizontal movement speed. –  user1306322 Jun 6 '13 at 17:11
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6 Answers

up vote 19 down vote accepted

There's rocket boots you can get for going up faster.

Each Anklet of the Wind you equip adds 10% to movement speed. (But as of 1.06, they no longer stack, though you should be able to have one Anklet and one Aglet)

Hermes Boots increase movement speed by 100%, but take a while to accelerate.

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In 1.1, you can now combine hermes boots and rocket boots into spectre boots, the new boots and some armor sets increase movement speed, there are enchantments that increase movements speed, and you can make wings for flight and slowfall. combine all of these methods and you should be going pretty fast –  Skizzlefrits Dec 6 '11 at 16:30
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There is also a Magic Mirror which will teleport you from where you are to your set spawn point.

Nothing that works the other way round as far as I know though.

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As far as getting down to the lower levels as fast as possible, a straight shaft works great. Just dig a 2-square wide shaft straight down as deep as you'd like.

You'll have to account for fall damage however. Either find a Lucky Horseshoe (no damage on fall), Cloud in a Bottle (jump just before you land), or make a Grappling Hook (grab the wall just before you land). EDIT: As Acorn mentioned in a comment, placing cob webs at the bottom of the shaft should to the trick as well.

EDIT: Another method I've found that works great outside is using the grappling hook on the ground some distance ahead of you. As soon as it grips you get a burst of acceleration. If you click again in the air before the grappling hook fully retracts you can ride out the increased speed for a while. This works best on flat or slightly down-sloped ground; not so great on an inclined slope.

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Couldn't you just put cobwebs at the bottom of the shaft? –  Acorn May 25 '11 at 15:56
    
@Acorn: Good thought. Probably much simpler than anything other than the Lucky Horseshoe. –  tQuarella May 26 '11 at 15:13
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You can also put water at the bottom of the shaft. It seems to slow you down and prevent fall damage. –  thedaian May 26 '11 at 17:47
    
Another cool grappling hook trick is to grapple to a closed door, and open the door while grappled to it. You get a small burst of speed. –  Arkive Jun 10 '11 at 17:15
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@jos already mentioned the magic mirror, but Saving and reloading also puts you back at your spawn point. This serves as an easy alternative for the early game (although it requires more patience).

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It is a bit boring but useful early game. Another way is suicide but in this case you loose part of coins. –  Drake May 24 '11 at 19:44
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Another alternative is to reforge your accessories. The Quick prefix grants up to a 4% increased movement speed, and with a maximum of 5 accessories, this can easily be a 20% speed boost.

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In version 1.2 was added Lightning_Boots as upgrade of Spectre_Boots and also Asphalt_Block. On it you have greatly increased running speed. Great for underground tunnel and skybridges.

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