There are a small amount of bombs that can be crafted. each being useful in their own way
Bombs will bounce off surfaces. but do not bounce snow and sometimes tall grass.

Shrapnel Bomb:
This bomb does high damage, and can instant kill mobs, damage is determined by range. 

Fire Bomb:
This bomb explodes with fire, it does low damage

Poison Bomb:
Similar to the fire bomb; this poisons it's target

Concussion Bomb:
Does low damage but disorients the target