What is the meaning of [Eye of newt and toe of frog, wool of bat and tongue of dog]

The archetypal recipe for spells and enchantments.

This is the well-known incantation of the Three Witches in Shakespeare’s Macbeth, 1605:

All:
Double, double toil and trouble;
Fire burn and cauldron bubble.

Second Witch:
Fillet of a fenny snake,
In the cauldron boil and bake;
Eye of newt, and toe of frog,
Wool of bat, and tongue of dog,
Adder’s fork, and blind-worm’s sting,
Lizard’s leg, and howlet’s wing,
For a charm of powerful trouble,
Like a hell-broth boil and bubble.