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The Ice Queen is the final boss during the Frost Moon. She is the equivalent to the Pumpking from the Pumpkin Moon, being the Frost Moon's most powerful monster, coming in at the last waves of the event, and being the event's only flying boss. During the 1.2.4 update she was the third strongest enemy type in Terraria (the strongest being the Dungeon Guardian and the second being Duke Fishron), though the new 1.3 boss Moon Lord is much stronger.
Her behavior is characterized by astonishingly fast movement and evasive maneuvers while making constant ranged attacks against the player. There are two ways to counter this - either use wings and possibly movement enhancing accessories to chase her, or a Cross Necklace/Star Veil combined with healing (Spectre armor/Vampire Knives) to mitigate her damage. If not using the Knives, a powerful ranged/magic weapon with high fire velocity is recommended. If a bullet-firing weapon is used, it may be a good idea to equip the Rifle Scope (or, even better, the Sniper Scope) as she will be off-screen for a majority of the battle, and is sometimes difficult to keep track of during the fight.
Notes
During the final waves of the Frost Moon there may be several Ice Queens on the screen at once.
The Ice Queen is most vulnerable while executing her "Ice Twirl" attack, when she begins to spin in place rapidly, shooting Ice Bolts in all directions. This is the only time she stays in one spot.
Many of the Ice Queen's attacks will inflict the Chilleddebuff, which slows the player's movement speed, and sometimes will inflict the Frozen debuff which completely immobilizes the player for 1 second. Equipping a Hand Warmer or Ankh Shield will negate these effects and potentially make the fight much less frustrating.
The drop rate linearly increases from wave 11 (or 15) to 20.