It is said that four elements are needed to make a Philosopher's Stone. These are derived from the first matter associated with Chaos. I also heard once that the water of life was needed, which, back then, meant alcohol.
What you are looking for is the Opus Magnum.
The Wikipedia article lists four stages for the production:
- nigredo, a blackening or melanosis
- albedo, a whitening or leucosis
- citrinitas, a yellowing or xanthosis
- rubedo, a reddening, purpling, or iosis
What the processes contain is however debated, with various alchemists of the period disagreeing with one another.