'amulet-wearing' is a modern English compound formed from the noun 'amulet' + the present-participle form 'wearing' of the verb 'wear'.

'amulet' entered English from Old French (e.g. 'amulette') and Late Latin 'amuletum'; 'wear' comes from Old English 'werian' (to clothe, put on). The combination into an adjective phrase like 'amulet-wearing' is a productive modern English formation using noun + -wearing.

The elements originally meant 'a small protective object' ('amulet') and 'to carry or have on the body' ('wear'); combined they mean 'having an amulet on the body', a straightforward compositional meaning that has not undergone major semantic shift.