The Cloak of Levitation is a magical relic kept by the Masters of the Mystic Arts, specifically in the New York Sanctum, alongside many other relics. It is a red cape with a high collar that allows its wearer to levitate and fly, and has a personality of its own. It is described to be fickle and rare to choose a master, until it found a new master in Stephen Strange. The Cloak becomes Dr. Strange's signature weapon, a powerful artifact that lets him control his magic and amplifies it.
The Cloak can also act of its own accord and is often seen protecting Dr. Strange, whether he is wearing it or not. It can be very persistent, as shown in the film, Dr. Strange when guiding Strange to the Crimson Bands of Cyttorak.
The Cloak appeared in the What If...? episodes, "What If... Doctor Strange Lost His Heart Instead of His Hands?", "What If... Zombies!?" and "What If... The Watcher Broke His Oath?". An alternate Stephen Strange got it in his first appearance and an alternate version of Spider-Man received the Cloak after a zombiefied Doctor Strange was killed and the Cloak came to Spider-Man's rescue as he fell.
The cloak appeared with Doctor Strange in Spider-Man: No Way Home. It briefly attached itself to Spider-Man when Doctor Strange tried to get a certain box back from Spider-Man and later attached itself to Ned Leeds to save him from falling to his death during the final battle.