This article is from the Final-Fantasy and other Square Soft Games FAQ, by firstname.lastname@example.org (Nick Zitzmann) with numerous contributions by others.
This only applies to Final Fantasy I, III, V, and all SaGa games since
these games allow you to mix & match party members and their
Final Fantasy I and V has lots of party choices, but the only important
thing about them is how they must be balanced. Your FAQ maintainer's
favorite party combinations consist of a Fighter, a White Mage, a Black
Mage, and one of the following: Thief, Black Belt, or Red Mage. Your FAQ
maintainer also highly recommends that you do **not** build a party
without either a Red Mage or a White Mage, because if you use neither in
your party, you will not be able to exit some of the later dungeons in
the game. (This strategy would also apply in theory to Final Fantasy
In Final Fantasy VIII, keep in mind that the two most important ability
junctions are HP and strength. Make sure that all characters in a
mission-critical scenario have magic junctions to HP and strength.
For all the SaGa/Final Fantasy Legend games, the FAQ maintainer's
favorite selections are: Two humans and two mutants, two humans & a
mutant & a monster, a human & a mutant & a robot & a monster, and four
mutants. The absolute worst party you can make in any of the SaGa/Final
Fantasy Legend games has to be a party made up of four monsters, since
the four monsters can only upgrade themselves by fighting more powerful
monsters, so the chicken & the egg syndrome kicks in...