Rules

Legal sets:
Alpha
Beta
Unlimited
Arabian Nights
Antiquities
Legends
The Dark
"Summer Magic"

Only English versions are allowed in Oldschool.

Restricted in Oldschool:
Ancestral Recall
Balance
Black Lotus
Braingeyser
Channel
Chaos Orb
Contract from Below*
Darkpact*
Demonic Tutor
Library of Alexandria
Mana Drain
Mind Twist
Mishra's Workshop
Mox Emerald
Mox Jet
Mox Pearl
Mox Ruby
Mox Sapphire
Regrowth
Sol Ring
Strip Mine
Tempest Efreet*
Time Walk
Timetwister
Wheel of Fortune

*Note that all ante-cards must be removed from the deck before playing unless the tournament/game is played for ante.

Ante cards:
(These cards must be removed from the deck before playing unless the tournament/game is played for ante. The deck you start a duel with must contain at least 60 cards after these cards have been removed.)
Bronze Tablet
Contract from Below
Darkpact
Demonic Attorney
Jeweled Bird
Rebirth
Tempest Efreet

Errata:
Chaos Orb (2)
Artifact
1, Tap: Choose a nontoken permanent on the battlefield. If Chaos Orb is on the battlefield, flip Chaos Orb onto the battlefield from a height of at least one foot. If Chaos Orb turns over completely at least once during the flip, and touches the chosen permanent, destroy that permanent. Then destroy Chaos Orb.

Falling Star (2R)
Sorcery
Choose any number of non-overlapping creatures on the battlefield. Flip Falling Star onto the battlefield from a height of at least one foot. If Falling Star turns over completely at least once during the flip, it deals 3 damage to each chosen creature it touches. Any creatures damaged by Falling Star that are not destroyed become tapped.


Notes: For both dexterity cards, you are allowed a "fair flip"; i.e. you may move the card(s) you're choosing to a different position on the playing area to get a good flip. You check if a card is touched as the spell/ability resolves, not wile the flip is in progress; i.e. only cards that the Orb/Star lands resting on are affected, if it bounces off the chosen card it will have no effect on that card. If you are Forking a Falling Star, please note that the copy should not be disrupting the gamestate. Do not use a bowl of soup to represent the copy and flip over your opponents cards. Be reasonable.

Local variations of Oldschool

Old School Magic (often referred to as 93/94, Magic 94, or simply Oldschool), mostly follow the modern Magic rules. But there is a section of page 35 in the Alpha rule book it abides by more than other formats.

"Be prepared to encounter house versions of this game when you play someone you haven't played before. These rules are a framework from which to start; after you know how to play, your play group may develop local rules, new ways to play particular cards, or other variations. Just be sure before you start that everyone is playing the same game."


As the format has grown a lot during the last years, many communities have taken slightly different approaches to old school Magic. This is a part of the format and by no means discouraged. Most commonly a few extra reprint sets are legal, but some groups use some local B&R lists, erratas or game rules as well. Below are a few of the most popular variations.


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"Ravenna Rules (v2)"

Also known as "Italian rules" or "Ravenna Reprints". Used in many major tournaments in Europe, perhaps most notably the Fishliver Oil Cup and the Ovino series tournaments, major gatherings that recently have hosted old school tournaments with well over 100 players. This ruleset will also be used at the 2020 Old School World Championship at Winc0n.
 

In a nutshell: Same B&R as here, with some reprint versions of the cards legal. The Ravenna rules got a small update in November 2018 to allow for some additional reprint sets (original reprint policy only included sets from 94/95). These days the reprints allowed include all cards that a) Have the same art as the original printing, b) Have the same frame as the original printing, and c) Are not foiled. (E.g. Psionic Blast from Timeshifted and Wrath of God from 6th Edition are legal, but not a foiled Psionic Blast from Timeshifted or Wrath of God from 7th Edition). All languages are legal.


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"Atlantic Rules"

A ruleset originating from New England to "bridge the gap" between the traditional Swedish B&R and the EC B&R. Or, as one of the originators stated: "This is what Swedish rules will look like in five years". Has been growing more and more popular in the US since its inception at the end of 2018. Used at e.g. LobsterCon.

In a nutshell: Workshop and Shahrazade are unrestricted, and Fallen Empires is a legal set. The "Mana Burn rule" is in effect. Additional reprint sets allowed include all cards that a) Have the same art as the original printing, b) Have the same frame as the original printing, and c) Are not foiled. Additionally any collectable gold-border printings from e.g. Collector's Edition and World Championship decks are also legal to be played in decks. All languages are legal. 
More info at https://sentineloldschoolmtg.wordpress.com/atlantic-93-94/.


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"EC rules"

Very popular in the USA, the first format in the US to get major traction. Perhaps most notably used during the US Eternal Weekend, where a major old school tournament outside the convention site hosted over 180 players in 2018.
 

In a nutshell: Strip Mine, Mishra's Workshop and Shahrazade are legal to play as 4-ofs, Maze of Ith and Recall are restricted. The "Mana Burn rule" is in effect. Fallen Empires is a legal set. The Harper Prism promos from 1994 are legal (Arena and Sewers of Estark, note that Giant Badgder, Windseeker Centaur and Mana Crypt are not legal). Additional reprint sets allowed include all cards that a) Have the same art as the original printing, b) Have the same frame as the original printing, and c) Are not foiled. Additionally any collectable gold-border printings from e.g. Collector's Edition and World Championship decks are also legal to be played in decks. All languages are legal. 
More info at: http://www.eternalcentral.com/9394rules/

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"Beasts of the Bay Rules"

A rule set originating from the US west coast. Based on EC rules, but with some additional unrestrictions of cards restricted in EC. Used at e.g. Urza's Chalice.

In a nutshell: Strip Mine, Mishra's Workshop and Shahrazade are legal to play as 4-ofs, and Fallen Empires is a legal set. Mana Burn is in effect. The Harper Prism promos from 1994 are legal (Arena and Sewers of Estark, note that Giant Badgder, Windseeker Centaur and Mana Crypt are not legal). Additional reprint sets allowed include all cards that a) Have the same art as the original printing, b) Have the same frame as the original printing, and c) Are not foiled. Additionally any collectable gold-border printings from e.g. Collector's Edition and World Championship decks are also legal to be played in decks. All languages are legal.  
More info at: https://beastsofthebay.com/93%2F94-deck-rules

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"93/94 Scryings"

Scryings is an unofficial expansion to the traditional old school card pool, consisting of 116 cards from the near future of 93/94. Scryings act as an "expansion" in the traditional sense of the word, and may be added to any old school rule set to spice things up, though 93/94 Scryings usually implies using the Swedish B&R with the 116 cards added. The Scryings expansion will e.g. be used at the 2020 Arvika Festival and n00bcon 12.

In a nutshell: Standard rules and B&R, but these cards are also legal. Reprint policies may differ from community to community.

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"BoM Rules"

Used at side events at the Bazaar of Moxen tournaments, mainly in Europe.

In a nutshell: Fallen Empires is a legal set. Falling Star have special errata. The legal reprint sets are kind of complex, but basically everything non-foiled with old border except Timeshifted cards are allowed. The mulligan rule is Paris mulligan (the mulligan used between 1997-2015). There are a few local game rules that should be noted, e.g. Continous Artifacts that don't have any triggered effects are "shut off" when tapped (but those with triggers, as well as Mono Artifacts and Poly Artifacts, still work while tapped), the "Mana Burn rule" applies, and the stated-based effect that makes a player lose for having 0 or less life isn't checked except at the end of phases. A large number of misprinted cards are banned, like Alpha Elvish Archers and Orcish Artillery (though e.g. Alpha Cyclopean Tomb is legal). All languages are legal.
More info at: http://www.bazaar-of-moxen.com/en/mtg-pairings,37/2016-old-school-tournaments-rules,c285.html

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There are more local variants, but these are the most popular ones you are most likely to encounter today. But if you use an alternative rule variant and travel to Russia or Norway or some other place where they mostly use the rules stated here, the great majority of players won't mind playing casual games against a deck that contains Revised or a few Fallen Empire cards. Old school players are a friendly bunch, and usually not picky when they get the chance to swing cards against a new opponent.


Other notes:
  • The lastest B&R changes are discussed in Banned and Restricted update 2019. The B&R list is reviewed after the World Championship each year, and updated around a month after the event.
  • Some notes on the legal sets can be read in the posts The arguments on Fallen Empires and 93/94 by any other name.
  • Some notes on the B&R can be read in the post Banned and restricted: 1994 and now.
  • Some notes on earlier "timing" rules compared with today's rules can be read in the post All in good timing.
  • 1st of February 2012 Chaos Orb was unbanned and restricted. We use the errata in order to avoid people spreading out their cards to much. Note that you are allowed a fair flip, you may move the card you're choosing to target to the center of the playing area to get a good flip. If you use Xenic Poltergeist and Dance of Many to create a Chaos Orb token, please note that tokens should not be disrupting the gamestate. 
  • Errata for Falling Star was adopted in May 2019, to e.g. facilitate play over Skype. We use the errata suggested by Eternal Central (and hence give the same FAQ answers). 
  • Some more rules and clarifications about dexterity cards can be read in the post The flip side.