Torches are often made from wood- as wood is cheap and easy to come by. Other materials can be just as good- or better. Most often string is wrapped around the top of the torch- and this string is treated with flammable- slow-burning liquid (that doesn't drip or explode). The purpose of the torch is to illuminate dark areas- to ease orientation. In an emergency the torch can be used as a weapon as well.
This example is a wooden torch.