
Dragon Medallion as seen in the original timeline

Dragon Medallion as seen in MK9

Dragon Medallion in MK Onslaught
The Dragon Medallion is a powerful artifact that enhances its owner's powers to a greater power level.
This artifact came into Sub-Zero's possession shortly after his victory over Sektor and his return to the Lin Kuei clan, later enhancing Sub-Zero's ice powers to levels he never thought possible. It appears to have changed his appearance, although there could have been other causes. The Dragon Medallion first appeared in Mortal Kombat: Deadly Alliance and later reappeared as a collectible Relic called "Sub-Zero's Amulet" within the Konquest mode of Mortal Kombat: Armageddon. The Medallion appears on both of Sub-Zero's alternate outfits in Deadly Alliance and Deception, and by extension appears on his main outfit in Armageddon due to re-using his Deadly Alliance alternate as his new primary outfit.
The powerful Dragon Medallion was worn by Sub-Zero during his battle against the Deadly Alliance of Quan Chi and Shang Tsung. While on their way home back to Earthrealm, his own former apprentice, Frost, attempted to steal the Dragon Medallion from Sub-Zero in her own plan to enhance her own powers and to become the new Grandmaster of the Lin Kuei Clan, but was overcome by her own freezing ability due to her lack of strength and discipline required to control the medallion's power.
It appeared in Sektor's ending in Mortal Kombat (2011) where he killed his father (the Grandmaster of the Lin Kuei), who tried to warn him that wearing the medallion would give great power, but with a price, and becomes the new leader of the Lin Kuei.
In Mortal Kombat X, Sub Zero has a variation called Grandmaster where he Gains an Ice Clone that can be thrown or used as a shield while he wears an illuminated Lin Kuei medallion fixed onto the right of his torso.
Mortal Kombat: Shinnok's Uprising[]
It was believed that Oniro was the previous user of the Dragon Medallion, thus gaining his deadly transformations and swift, powerful blows onto Sub-Zero and Smoke. Since he was assassinated by Kung Lao via Tornado and soon Aiko's cardiokinesis, it may be found within the Appalachian Mountain range.
To Smoke's surprise, he was correct, and he offered it to his surrogate brother! Kuai heard the warnings on losing control while wearing it without skill, but he was thankful he'd no longer suffer while in intense heat since Shang's lethal fissure! Later on, he made it official to move the Lin Kuei to the Northern Pole, Arctika!
Mortal Kombat: Vengeance[]
Sub-Zero still wears this sacred medallion, enhancing his cryokinesis. Kuai even used both to reduce Kung Lao's feverish temperature, after Liu Kang's soul possessed him in order to have the upper hand against his Revenant self. He even stated the brain is the most vulnerable to temperature as it adjusts the body immensely. It worked, along with Frost's Arctika water cooling Lao and restoring his vitality.
He used it again as he was hunting for the missing OIA scout, Cyrax, inside the Lava Shrine! It was thanks to that medallion that allowed him to withstand the heat, contrary to his unfortunate fate within Shang's chasm he conjured a few years ago. He even dove after Cyrax into the magma pool and found him retrieving a shiny orb. Both men were weakened from the ordeal, and Nitara kept demanding them to hand over the treasure; she shattered it, severing her realm from Outworld. However, she left Kuai weak while Cyrax retreated to Earthrealm. It was thanks to Hanzo who pulled him out, and Liu Kang's spirit reduced his pyrexia, which gave the medallion soothing ice mist! He was able to recover within minutes!
Final Kombat[]
With the Dragon Medallion, Frost became confident that if Kuai and Bi-Han would join forces to extinguish Blaze while taking out their enemies including Oniro in which the clan dreaded. It was useful against Oniro, especially with the reinforcements of the other cryomancers amongst other foes. It was still intact even after the lethal firestorm by Blaze amongst Fire God's cocoon.