I've been reading fantasy for a long time, and these two metals are almost always something that's highly prized, expensive, and rare. But what exactly are there properties or significance in The Elder Scrolls universe? By my understanding Ebony is a very strong, hard, uncommon, expensive, and heavy metal. One that looks like volcanic glass or obsidian.

So, are Mithril & Adamantium anything special in TES? I've looked through much but found little. Nor have I played Marrowind or Oblivion.

mithril was in oblivion, not sure if it was in morrowind, but it does exist

I know they were both in past TES games, I just want to know what they're about. Mithril/Mithral is basically the fantasy equivalent to Titanium and Adamantium is, usually, a Tungsten-Carbide like material on steroids.