link has:

• master sword
• boomerang
• x5 bomb's
• hookshot (it's like batman's grappling gun)
• Hero's bow (x3 fire arrows,x3 lightning arrows,x3ice arrows,x3 light arrows,and x20 silver arrows)
• has 3 boots (iron boots which are very heavy,his hover boots which allow him to fly/float,and his pegasus boots which make him superhuman fast)
• and his Hylian shield.
• and his hookshot

that's the basic equipment.

kratos has his

• Blades of Chaos: Powerful chained blades given to Kratos by Ares after pledging his allegiance to him Sun Shield: The Sun Shield is an object of the Gods used to block attacks and return projectiles. Kratos obtained the Shield within the Temple of Helios.
  • • • Claws of Hades: Kratos obtains this weapon from Hades during their fight. Their fighting style is similar to the Blades of Exile but the moves are executed slower. These weapons have the power to call forth damned souls. Can be leveled up to level five. More levels increase the range of souls that Kratos can choose from.
        • Nemean Cestus: Powerful weapon originally wielded by Hercules. It is a chained fist weapon resembling lion heads. With it Kratos can execute impressive combos, yet slow ones compared to the other weapons. It is the only weapon with the ability to break Onyx, making it one of the most useful weapons of the game. It's magic power consists of Kratos slamming the ground creating powerful shockwaves
          • Bow of Apollo: The first item that Kratos acquires in God of War III. He obtains it after killing Peirithous, the mortal lover of Persephone, who was imprisoned in the Underworld by Hades and condemned to spend all eternity trapped within a cage of brambles. This item is similar to Typhon's Bane from God of War II, except that it uses the elemental power of fire instead of wind.
          .
          • Golden Fleece: Armour capable of deflecting weapon attacks and magic