The Rings of Power were the masterwork of the Elven smiths of Eregion headed by Celebrimbor, a descendant of Fëanor. The reason for their creation came from Sauron, who assumed the appearance of 'Annatar' to deceive the Elves and trick them into forging the rings.
In total, the Elves forged nineteen Rings of Power. Sauron had a direct hand in forging sixteen of the rings, while three were forged without him. Sauron intended to use these Rings to dominate the remaining Elves of Middle-earth. To achieve this, he forged the One Ring in Mount Doom to unite all the wearers of the Rings under the banner of his own army. However, the moment Sauron put the One Ring on his finger, the Elves became aware of Sauron's intentions and took off their rings, preventing Sauron from dominating them. In his fury at the turn of events, Sauron attacked the Elves, demanding that they hand over all the rings. Sauron managed to retrieve sixteen of the Rings, which he gave to mortals (seven were given to Dwarves, nine were given to Men). The Elves managed to hide the remaining three rings, which were the greatest of the nineteen Rings that were forged.
Ring Poem
English:
Three Rings for the Elven-kings under the sky,
Seven for the Dwarf-lords in their halls of stone,
Nine for Mortal Men doomed to die,
One for the Dark Lord on his dark throne
In the Land of Mordor where the Shadows lie.
One Ring to rule them all, One Ring to find them,
One Ring to bring them all and in the darkness bind them
In the Land of Mordor where the Shadows lie.
Sindarin:
Corf neledh 'nin Ellerain nui venel,
Odo'ni Nauhírath vi rynd gonui în,
Neder'ni Fîr Fírib beraid fíred,
Êr am Morchír bo morn-orchamm dîn
Vi Dor e-Mordor ias i-Ndúath caedar.
Er-chorf a thorthad hain bain, Er-chorf a chired hain,
Er-chorf a thoged hain bain a din fuin an nuded hain
Vi Dor e-Mordor ias i-Ndúath caedar.
Quenya:
Neldë Cormar Eldaron Aranen nu i vilya,
Otso Heruin Naucoron ondeva mardentassen,
Nertë Firimë Nérin yar i Nuron martyar,
Minë i Morë Herun mormahalmaryassë
Mornórëo Nóressë yassë i Fuini caitar.
Minë Corma turië të ilyë, Minë Corma hirië të,
Minë Corma hostië të ilyë ar mordossë nutië të
Mornórëo Nóressë yassë i Fuini caitar.
Black Speech of Mordor:
Shre nazg golugranu kilmi-nudu,
Ombi kuzd-durbagu gundum-ishi,
Nugu gurunkilu bard gurutu,
Ash burz-durbagu burzum-ishi,
Daghburz-ishi makha gulshu darulu.
Ash nazg durbatulûk, ash nazg gimbatul,
Ash nazg thrakatulûk, agh burzum-ishi krimpatul
Daghburz-ishi makha gulshu darulu.''