It is best used by casters or other champions that scale with ability power, as other champions will probably benefit from other elixirs.
Sorcery has a great synergy with Nashor's Tooth when attacking towers. Any champion that could benefit from this item can utilize this elixir in pushing towers. Nashor's Tooth will not give bonus on hit damage to towers, unlike Lich Bane.
Elixirs are often bought towards the end of long games when builds are all completed and the extra gold continues to accumulate. They can also be bought mid game to give a temporary stat advantage during ganks and teamfights. Elixir of Sorcery is also beneficial for split/tower pushing, any time.
Sorcery has synergy with Thornmail's unique passive—albeit with a cooldown against champions—potentially making it a superior offensive option over an Elixir of Wrath for some tanks.
Elixirs require level 9 to purchase.
Elixirs are automatically applied when purchased (even while dead) if there are already 6 items in the inventory.
Only one Elixir effect may be active at a time. Activating a new elixir will remove the old effect.