Piercing

Piercing is identical to the Amazon Skill Pierce (or a part of Throwing Mastery); it gives a projectile the chance to pass through a target and continue on to hit a second target for full damage. Bonuses to Piercing stack additively with the Amazon's Pierce Skill. Numerous unique missile weapons have Piercing as a property and you can find additional piercing on the other items as well.

Some skills like Bone Spear or Lightning always pierce through enemies they hit.

Diablo II

Items which add the Piercing characteristic

Stormstrike, unique Short Battle Bow: 25%
Razortail, unique Sharkskin Belt: 33%
Gut Siphon, unique Demon Crossbow: 33%
Wisdom, helm runeword: 33%
Doomslinger, unique Repeating Crossbow: 35%
Vidala's Rig, set: 50%
Ichorsting, unique Crossbow: 50%
Warshrike, unique Winged Knife: 50%
Kuko Shakaku, unique Cedar Bow: 50%
Demon Machine, unique Chu-Ko-Nu: 66%
Buriza-Do Kyanon, unique Ballista: 100%

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Diablo III

In Diablo III, many attacks have the piercing characteristic. This allows a single missile or beam to hit all enemies in line (or even in any other trajectory) instead of the first one that happens to be in its path. Most attacks pierce through enemies, regardless of their size and number, but often fail to penetrate solid walls and Waller affix barriers. A piercing attack usually does not diminish in power as it passes through multiple targets.