Dragon weapons are equal to your level and have the attack of a +6. They are said to have the added hit rate that a +15 weapon does, however this has not yet been thoroughly tested. Despite the fact that their attack is only equal to a +6, they glow like a +15. They may not be bloodsealed or further upgraded, so they are usually used as back up weapons or for show.

A dragon weapon is always equal to the level of the character that has it. If you have a dragon weapon and check its stats, you will see that it says it's level 0. Don't be deceived by this! Dragon weapons are shown as being level 0 because they can be wielded by a character of any level, and they level up with that character. Attack stats are also not shown on the dragon weapons. But if you equip a dragon weapon and check your total attack, then level up and check your attack again, you will see that it has increased. Points put into your class' main stat type will also affect the attack of your dragon weapon. (More about this below.)

These have an estimated 50% chance of success. Some people succeed with making them the first time, but most people end up getting their desired dragon weapon on the second or third try. So be prepared to take a hit or two in the pocketbook.

(IMPORTANT: The Sorcerer Dragon Scythe has an awful attack and doesn't even begin to match up to anything +0 your level, much less +6. It is recommended that you do not make the scythe unless you just want it for looks.)

Here are the dragon parts required to make each dragon weapon:

Dragon weapon

Part 1

Part 2

Part 3

Dragon weapon

Part 1

Part 2

Part 3

The attack of these weapons depends greatly on the amount of stat points your character has in its class' main stat type. For example, the attack of the Titan and Knight dragon weapons are affected by the number of stat points characters of those classes have in the Strength stat. The dragon weapons of Healer-Archers and Rogues are affected by Dexterity. Healer-Clerics, Mages, and Sorcerers have their weapons affected by Intelligence.

Dragon weapons are the only type of weapon that have the attack affected by stat points. Normal weapons always have a set attack increase that they give your character. For example, a level 5 Rogue can increase their base physical attack with Dexterity stats, but the attack boost they get when equipping a pair of Silver Daggers (level 9 weapon) will always be 33 physical attack. If that Rogue puts no points into Dexterity and equips a pair of Dragon Daggers, the attack boost they get will be about 33 physical attack. But if they put all four available stat points into Dexterity and re-equip the Dragon Daggers, they will get an attack boost of about 38 physical attack in addition to the 2 physical attack that would be added to their base attack by the Dex stats, giving them a total of 40 physical attack from their Dragon Daggers. (See the Rogue stat points guide for more information about Dex effects on Rogue stats.)

If you did not understand the above explanation, you can check out this thread for another couple examples and see if they help.

Stat charts -
To find out the "normal" amount of attack you receive from each dragon weapon at each level, head over to the Pet equipment stats pages under the Equipment stat information section.

Screenshots -
For screenshots of what each dragon weapon looks like in-game, take a look at the Pet weapons & armor page under the Equipment pictures section.