This spell releases a wizard from gravity's clutches, allowing him to float weightlessly though the air. Of course, no human can escape the ground permanently, and the time and distance for one which can float are determined by one's magical abilities. Many wizards have forgotten this, often with disastrous consequences.
Levitate is an everyday spell that lifts the caster off the ground for a short time. It is useful to escape traps, and is necessary in The Vault of Tears to float over some trap rugs. Oliver obtains this spell from casting Nature's Tongue on a seagull in the Fairyground, and it is necessary there to get a Piece of Art from a fairy.