The items I have equipped are;Pink Gloves, Body Armor, and Leather Boots (not that they do anything)
I have both Tomes and the Cauldron from the sorceress, and cannot come up with a strategy.
Here's what I did.
Make sure you have the silver sword, pink enchanted gloves, pogo stick w/ feather, and around 175 health (You can get candies to eat from the troll. Beat him once and get 500 candies! You'll need to eat around 5000 candies.)
Once the octopus gets near you, jump a lot to get behind him. He will follow you to the right side.
At the other side, when he touches you, jump onto his head.
Then, spam the JUMP button. Since you have the pink gloves, you'll heal a bit each time, so you won't die. However, the octopus can't heal, so he'll eventually die out. You can stop jumping when he has around 50 HP.
This is not required, but a fireball from the beginner's grimoire will always help! If you have it, you can always teleport to the front to stall time.
Generally, use the hardest hitting weapon you have.
Eat candy to increase your health - makes you last longer, and allows you to survive in the time between health potions. 200+ health can be a big difference maker in this fight.
You should brew some health potions. 1 or 2 could be enough to carry you through the fight, depending on your overall health. I like the pink gloves as well, for the health regen.
Lead off the combat with a fireball, it will do quite a lot of damage. As a second spell, I like thorn shield a lot, just make sure you are in melee range when you cast. Another fireball isn't a bad idea either.
Just jump on his head.
You need the pogo stick, desert feather, and pink enchanted gloves. Jump over him, then when he catches up to you in the other corner jump onto his head. Jump every few seconds so that you can recharge while he doesn't. You can use thorn shields on his head to speed things up a little too.
Turtle potion did it for me. I don't recall needing a health potion after using the turtle potion. The reduction in damage is enough to over power the octopus with whatever equipment you may have. Once you enchant the crown to fire fireballs, beating the monkey king is easy too. I should also point out I played the entire game without eating a single candy, there are enough health boosting items in the game that you shouldn't require extra health.
Teleport and spam healing potions.
If you haven't done it yet, eat a bunch of candies and watch your health bar! :)
Just like what tennenrishen said;
Get the pogo stick from the mountains. It looks like a star near the cave entrance.
Go to the shop and get a pair of gloves. Then go to the wishing well and make sure you have a chocolate bar. Then enchant the gloves to red gloves which then throw small fireballs randomly anywhere.
Then go to the desert with the gloves. It may take time to kill a bird for the magic feather but it's worth it. The magic feather makes the pogo stick to jump higher.
You gotta buy another pair of gloves and then enchant them to pink gloves which will continuously heal you while killing the octopus.
Then pick the following items before going to the octopus king :-
Only these 2 items can help you kill the Octopus King. - Hope this helps!