One of the "mini-games" in Perilar is trying to get the best weapons and armor. The weapon or armor you sometimes get when you kill a monster or open a chest is always appropriate for a maximum of your level or the map's level, whichever is lower. So if you're a 20th level character on a 10th level map, you will only find 1st-10th level items; on a 25th level map, you'll find 1st-25th level items.
Weapons and armor are described with 2-3 words: Enchantment (optional), Material, and Type, like "Blessed Copper Handaxe" or "Rune Titanium Vibrosword". Each Enchantment and Material modifies the base stats of the weapon type in a consistent way, so if you can compare a Copper Handaxe with a Blessed Copper Handaxe, you'll know what "Blessed" does.
Once you've used a weapon or armor in combat, you can see its stats by hitting Menu, Stats. You'll have to do your own research and analysis to determine which combinations are the best for your needs; two weapons are not always "better" or "worse" than each other, they may just have different stats.
If you could carry multiple weapons and armor, there wouldn't be any risk in trying out a new item.