Master Warlock

 MAJOR  ''' SPOILERS BELOW. PLEASE BEWARE, AND DO NOT READ FURTHER IF YOU DO NOT WISH TO SPOIL THE TRUE ENDING (OR OTHER ENDINGS) OF THE GAME FOR YOURSELF. '''

-True Ending of the game

-Further Explanation of the True Ending

In the true ending, it is revealed that the Master Warlock and Faust are one and the same, simply existing as alternate timelines of himself. In the true ending, it is revealed that the Master Warlock was the one responsible for Faust's losses of his wife and daughter, and attempted to kill Faust himself just as he managed to revive his daughter.

Upon realizing that the Master Warlock stopped him from reviving his daughter, Faust goes on a rampage and learns magic and alchemy in order to take revenge on the man he blames for his misery. Years later, Faust realizes he has become the Master Warlock, himself. Upon this realization, he enacts a complicated plan with intent to reverse his own mistakes, but this only leads to him being trapped in an endless loop wherein his future self, as the Master Warlock, kills his family and attempts to stop his past self from reviving his daughter, then wipes his younger self's memory in the hope that his past self will learn to overcome his poor choices and end the loop.

However, Faust, driven mad by the rage he feels over having been tricked, refuses to stop and ends up continuing the cycle. (However, should the player manage to get one of the other endings wherein Faust fails to revive his daughter at all and does not remove her soul in order to try again, Faust simply dies along with his daughter, thus ending the repetitive cycle of his mistakes.)