Water
Water is one of the main ingredients of Play-Doh. It is responsible for the moisture of the product. The water in Play-Doh evaporates easily. If you leave a piece of Play-Doh out of its can for too long, it will harden.
Wheat Starches
It is the wheat starches in Play-Doh that are responsible for its body. These starches are essentially flour; the mixture of these starches with other compounds is why the product has a name derived from "dough."
Petroleum Additive
One of the ingredients in Play-Doh is a petroleum additive. It helps smooth out the starchy texture of the children's modeling dough. It is responsible for the slightly greasy texture of the clay and for the oily residue it can leave.
Boric Acid
Boric acid, or borax, is another ingredient. It has the function of preventing the growth of mold in the Play-Doh.
Other Compounds
Some other chemicals are present in Play-Doh. Hasbro, the current manufacturer of Play-Doh, does not reveal them. Some of these chemicals help to hold the moisture in. Others give it its unique smell. Still others provide the color. Hasbro does name one additional compound -- salt.