In the eyes of a variety of modern esoteric and Neo-Hermetic practitioners, alchemy is primarily spiritual. In this interpretation, transmutation of lead into gold is presented as an analogy for personal transmutation, purification, and perfection.
According to this view, early alchemists such as Zosimos of Panopolis () highlighted the spiritual nature of the alchemical quest, symbolic of a religious regeneration of the human soul. This approach is held to have continued in the Middle Ages, as metaphysical aspects, substances, physical states, and material processes are supposed to have been used as metaphors for spiritual entities, spiritual states, and, ultimately, transformation. In this sense, the literal meanings of Alchemical Formulas hid a spiritual philosophy. In the Neo-Hermeticist interpretation, both the transmutation of common metals into gold and the universal panacea are held to symbolize evolution from an imperfect, diseased, corruptible, and ephemeral state toward a perfect, healthy, incorruptible, and everlasting state, so the philosopher's stone then represented a mystic key that would make this evolution possible. Applied to the alchemist, the twin goal symbolized their evolution from ignorance to enlightenment, and the stone represented a hidden spiritual truth or power that would lead to that goal. In texts that are believed to have been written according to this view, the cryptic alchemical symbols, diagrams, and textual imagery of late alchemical works are supposed to contain multiple layers of meanings, allegories, and references to other equally cryptic works; which must be laboriously decoded to discover their true meaning.
In his 1766 Alchemical Catechism, Théodore Henri de Tschudi suggested that the usage of the metals was symbolic: