Level skip
Pause the game and press up, left, right, down, B. You will then automatically be warped to the next part of a stage. If you are at a boss you will skip the fight and be taken to the cutscene. There is a little problem with this cheat however -if you keep using it to skip through the levels without doing anything in them, you won't gain any EXP, so you won't gain any HP boosts.
Obtain all magic attacks & MP boosts
Pause the game and press up, left, right, down, C. Annet will gain a magic attack, and the MP gauge will extend. Keep entering this code to unlock all of her magic attacks and max out the MP gauge. By using this code you can unlock all of the magic attacks in the first level, and use some of them in levels where you usually can't if you don't use cheats.
Slow motion mode
Pause the game, then press up, left, right, down, A. The game will then resume in slow motion, if you want to stop this, just press start.
Color test
When the Wolf Team logo appears, hold down the A, B and C buttons. Then tap up and the start button together. This code is a bit strict with the button presses, but if you do it correctly then you should see the image above. You can't exit this screen once you make it appear, you'll have to reset your Genesis.