Since the majority of Hermetic magic deals with divinities, angelos, daimons or all of the above, theology and daimonology are next things we have to define for ourselves. Divinities were usually drawn from the Mediterranean religions and not always the ones that the magos worshipped.

Daimonia were beings between humanity and divinity in power. The three types are agathodaimon (good spirits used for benevolent purposes), kakodaimon (evil spirits used for malevolent purposes) and angelos (divine messengers used to gather information). To the magois of ancient times a daimon was a spirit that one took within themselves to become a deity. Later, during the Renaissance, daimons became demigods that were commanded by the authority of a deity.

To the ancient Egyptians, deities were the same as the principle they represented. The deities that are used the most in magic are Thoth (god of intelligence and wisdom), Re (god of the sun), Osiris (god of life, death and renewal), Isis (goddess of feminine power to give life and renew it), Sekhmet (goddess of war, plague and aggression) and Set (god of evil).

The ancient Greeks believed that deities were the personification of the extreme of an abstract idea. So where the Egyptians believed Thoth is intelligence, the Greeks believed Hermes is a person who is the extreme of intelligence. The most used Hellenic deities in magic are Hermes (god of communication, commerce and travelers), Helios (god of the sun, light and omniscience), Zeus (master of the gods), Selene (goddess of the moon), Apollo (god of healing, prophecy, music and wolves), Typhon (god of rebellion and will) and Aphrodite (goddess of fertility and erotic love).

To the early Hermetic Magois, the Hebrew god and prophets were not religious figures but powerful magical ones. Later during the revival of Hermetic magic in the Renaissance times, the Hebrew and Christian god is invoked with the same religious attitude as the early Greeks and Egyptians invoked their deities. Throughout the history of Hermetic magic, this god is called by many names, according to the needs of the time, such as IAO (a Greek spelling of the Hebrew YHVH), Sabaoth ("god of the armies") and Adonai ("my lord").

The deities used by the Gnostics for magic were deification's of abstract principles. Therefore, we have the god Abrasax (whose name adds up to 365 and represents the days in a year), the god Aion (whose name means Age and represents a span of time), the goddess Ananke (necessity or compulsion) and the goddess Tyche (good fortune).