The bloodstone is said to represent the blood of Christ Jesus. Bloodstone gems have been embellished with a thorn-crowned head of Jesus so placed that the red of the bloodstone simulate drops of blood trickling down his hair and face. Such gems are especially revered as Christian amulets.

The bloodstone was once thought to be able to check hemorrhages. Certain Indians also considered the bloodstone a remedy, but they first cut it into the shape of a heart. Because of its religious significance, the bloodstone has reputedly had many other curative powers and was once used to counteract poisons.

Bloodstone is supposed to give its wearer courage and make him brave in the face of all danger. In addition, it is reputed to impart wisdom and an ability to detect and foil enemy plots.