Updated:

Basic form (Java 1.20.5+)

/summon item ~ ~1 ~ {Item:{id:"minecraft:diamond",count:3}}

Three diamonds drop one block above you. Java 1.20.4 and earlier used Count:3b with a capital C and a b.

give or summon?

GoalCommand
Hand it to a player/give
Drop it for someone to pick up/summon item
Make a mob hold it/summon with equipment, or /item replace

Useful fields

FieldMeaning
PickupDelay:40Ticks before it can be picked up; 32767 means never
Age:-32768Never despawns (normally after 5 minutes)
NoGravity:1bFloats in place
Invulnerable:1bSurvives lava and explosions

A floating display item

/summon item ~ ~1 ~ {Item:{id:"minecraft:nether_star",count:1},PickupDelay:32767,Age:-32768,NoGravity:1b,Invulnerable:1b}

A nether star that cannot be picked up, never disappears and stays in the air. Good for lobbies and finish lines.

Drop an enchanted or named item

/summon item ~ ~1 ~ {Item:{id:"minecraft:diamond_sword",count:1,components:{"minecraft:enchantments":{sharpness:5}}}}

Inside a dropped item, item data goes in components (1.21.5+ shown). The names differ slightly from /give, so the summon generator is the safer route.

Launch it

/summon item ~ ~1 ~ {Item:{id:"minecraft:emerald",count:1},Motion:[0.0,0.5,0.0]}

Motion is speed as [east-west, up-down, south-north]. A small upward value looks like a natural drop.

Bedrock Edition

Bedrock /summon cannot set what a dropped item is. To drop items in a set place, load a dispenser or dropper and power it.

Common questions

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