If you melee the icicles he summons after they get stuck in the ground, red and green gems will come from them. The boss also utilizes a force field when hit many times, and can also rain down icicles from the ceiling.
The Ice King begins the battle with a shield and sword, the former blocking all attacks until it's destroyed by Spyro's flame breath. The Ice King uses weapons forged from ice and can breathe ice, setting the similarities for the boss fights of the Electric King, who is also fought much later in A New Beginning in the level Concurrent Skies, and the Executioner in The Eternal Night. He may have been resting in the area where you fight him or he might have been expecting Spyro and was pretending to sleep. After Spyro defeated him, he appeared to be nothing but a skeleton covered in red armor. Above his big armored helmet lie two horns made of ice.
The Ice King is a large troll covered in red metal armor.