An MP Ring adds an extra point of MP.
Event[]
If you receive it in an Event (it is commonly given out in events featuring slots or gold decorations), it will automatically be added to your account, and you will receive a notice informing you that you may increase you MP by 1.
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Card Pack[]
If you obtain an MP Ring from a Card Pack, it will be stored in your items page. You will have to manually increase press the 'Use' button in order to use it.
Gifting[]
It may be important to note that MP Rings obtained from Card Packs can be gifted to allies and guildmates. However, MP Rings obtained from events cannot be gifted.