Upgrade all your water and ice spells to at least level 9, and get the Sea Serpent armor. Try to dodge it's firewave attack and avoid the ashes when it dies, it will erupt from them again and deal a massive amount of damage to you. Shoot your spells in it's gaping beak whenever it opens it. The Staff of Atlantis and The Sword of Atlantis enchanted with the Life Absorber enchantment are the best weapons against it.