During the precredits sequence in the unknown Latin American country, the soldiers all wield Japanese MGC M16 replica rifles with 20 round magazines. The soldiers guarding James Bond (Roger Moore) after his capture are armed with M16s, after Bond pulls their parachute ripcords, commandeers one and uses it to shoot out the truck's left front tire, causing it to crash (it then becomes a blank-firing M16 for that part).
M1911A1
One of the Latin American military soldiers flashes a M1911A1 when he takes Bond into custody.
SKS rifle
Several Soviet soldiers and some of Kemal Khan's guards can be seen with SKS rifles.
Walther P5
James Bond (Roger Moore) carries a Walther P5 as his sidearm in this movie, despite having told Q that he "mislaid my PPK". This was to appease Walther, who wanted to promote a new pistol. Interesting to note is that this was the same pistol used by Sean Connery's version of Bond in Never Say Never Again, released the same year.
AKM/AKMS
AKM and AKMS rifles are used by virtually all of the Soviet Soldiers in the movie.
unidentified hunting rifle
Kemal Khan (Louis Jordan) carries this rifle as his men search for Bond.
Short Magazine Lee-Enfield (SMLE)
Some of Kamal Khan's guards use Short Magazine Lee-Enfield (SMLE) made by Ishapore of India as well as No. 1 Mk III/MkIII* and No. 4 rifles from other British Commonwealth countries.
unidentified pistol
(Looks like an air pistol)
Octopussy (Maud Adams) and some of her team fire pistols at Kamal Khan's men during the finale.
Steyr AUG
Oddily, Steyr AUGs are used by a few Soviet soldiers in the movie.
AK-47
The East German border guards use milled-reciever AK-47s.
One of the U.S.Air Force Security police guards manning the gate at the West German U.S.Air Force base carries a Colt Python, which he draws on Bond when he attempts to enter with the polizei hot on his tail.
Smith & Wesson Model 36
Octopussy (Maud Adams) takes a Smith & Wesson Model 36 from one of the Air Force officers at the circus and uses it to blow the lock off the base of the circus cannon, revealing the atomic bomb inside.
Beretta 950 Jetfire
During the attack on Kamal Khan's palace, Octopussy (Maud Adams) pulls a nickel plated Beretta Jetfire on him, but is knocked out of her hand by Gobinda (Kabir Bedi)
SA Vz. 58
The SA Vz.58 is used by some of Kamal's men, and Bond (most notably while sliding down the banister).