Alter game files at your own risk and always make backups!Go to
"\Users\(your user name)\AppData\Roaming\runic games\torchlight\settings.txt"
and look for this line:

console: 0

Change it to:

console: 1

Save and start the game. Now while in game you will have to hold Shift and hit
the ~ key to pull up the console.
All cheats ARE NOT case sensitive

Code               Effect

God              - God mode.
CLS              - Clears Console History.
Disablepet       - Disables/enables player's pet.
Belt             - Displays a list of all the belts in the game.
Boots            - Displays a list of all the boots in the game.
Chest armor      - Displays a list of all the chest armor in the game.
Fish             - Displays a list of all the fish in the game.
Socketable       - Displays a list of all the gems in the game.
Gloves           - Displays a list of all the gloves in the game.
Helmet #         - Displays a list of all the helmets in the game.
Potion           - Displays a list of all the potions in the game.
Scroll           - Displays a list of all the scrolls in the game.
Shoulder Armor   - Displays a list of all the shoulder armor in the game.
Spell            - Displays a list of all the spells in the game.
Trinket #        - Displays a list of all the trinkets in the game.
Weapon           - Displays a list of all the weapons in the game. You can break
it down further
                   by typing "Axe", or "Rifle" and it will list those only.
works for all weapons.
Difficulty       - Displays current game difficulty.
NoXP             - Gain no more XP.
Allstats #       - Gives amount entered in all stats.
Defense #        - Gives Defense.
Dexterity #      - Gives Dexterity.
Fame #           - Gives fame in amount entered.
Help             - Gives list of all console commands.
Magic #          - Gives Magic.
Money #          - Gives money in the amount entered.
Skill Name/#     - Gives skill of the name and # entered.
                   (to get skill list just type "SKILL" without parenthasis.)
Skillpoints #    - Gives skillpoints.
Statpoints #     - Gives statpoints in amount entered.
Strength #       - Gives strength.
Ascend           - Goes down a floor.
Descend          - Goes up a floor.
Identifyall      - Identifies all items in the inventory.
Levelup          - Increases XP to next level.
KIllall          - Kills all Monsters.
Quests           - Lists all quests.
Playernotarget   - Makes monsters not target the player.
Alwayscrit       - Player always gets critical hits.
Reload           - Reloads textures.
Resetpetlevel    - Reset pets level to 1.
Resetskills      - Reset players skills
Resetstats       - Reset players statpoints.
Resetplayerlevel - Resets players level to 1.
Resetplayer      - Resets players level, skills, and stats.
Restartlevel     - Restarts the current level.
Room             - Returns the room the player is currently in.
Questcomplete    - Set quest to complete.
Questactive      - Sets a quest to active.
Cameradistance # - Sets Camera distance.
                   (WARNING: Number endered is the Multiplier for the distance)
Setdifficulty #  - Sets game difficulty.
Setpetlevel #    - Sets pet level to number entered.
FPS              - Shows Framerate and other info.
Speed   Toggles    - Additional speed for the character.
Godspeed         - Toggles both God and Speed mode.
Combatlog        - Toggles combat log.
AIFreeze         - Toggles moster AI.

Summon Items:

Open the console (see above) and type "item ####" in the console and press enter
(e.g. for Perfect skull, type item 2627)

2607 - The Infinite Pure Ember Shard (+49 damage / +34 armor)
2629 - The Sea King's Core Ember Shard (+19 health per second / +12 strength)
2603 - The Grand Depths Ember Shard (-48 armor per hit / +12 dexterity)
2600 - The Fire Queen Ember Shard (+33 fire damage / +28 fire resistance)
2631 - The Spire City Life Ember Shard (+33 poison damage / +28 poison
resistance)
2597 - The Earthstar Cold Ember Shard (+33 ice damage / +28 ice resistance)
2599 - The Eternal Flow Ember Shard (+33 electric damage / +28 electric
resistance)
2627 - The Pirate Skull (48 health stolen per hit / +12 defense)
1766 - Elitch's Eye (15 mana stolen per hit / +12 magic)

Add gold:

Ctrl + Shift + ~ for console type money [Desired quantity]


Gold:

Type in the console: Gold1000
It will generate some gold around you