In some references, he is known as Molech, god of the Ammonites and Phoenicians to whom parents sacrificed their children
The name derives from combining the consonants of the Hebrew melech (“king”) with the vowels of boshet (“shame”), the latter often being used in the Old Testament as a variant name for the popular god Baal.
http://www.britannica.com/eb/article-90532...uery=Moloch&ct=
In the Bible, Moloch is listed as the God of the Canaanite, a god of fire to whom children were offered in sacrifice. He is also known as an Assyrian god. He is attested as early as the 3d millennium B.C., although most known references to him come from the later period represented by the Hebrew Bible, according to which Solomon and later Ahaz introduced the worship of him into Judah. He had a sanctuary at Tophet, in the valley of Hinnom S of Jerusalem.
http://www.answers.com/topic/moloch
Moloch also appears as one of the fallen angels in Milton’s Paradise Lost, and as a malevolent figure in other allegorical works of literature.
At the Jewish Encyclopedia
—Biblical Data:
In the Masoretic text the name is "Molech"; in the Septuagint "Moloch." The earliest mention of Molech is in Lev. xviii. 21, where the Israelite is forbidden to sacrifice any of his children to Molech. Similarly, in Lev. xx. 2-5, it is enacted that a man who sacrifices his seed to Molech shall surely be put to death. Then, curiously, it is provided that he shall be cut off from the congregation. In I Kings xi. 7 it is said that Solomon built a high place for Molech in the mountain "that is before Jerusalem." The same passage calls Molech an Ammonite deity. The Septuagint as quoted in the New Testament (Acts vii. 43) finds a reference to Moloch in Amos v. 26; but this is a doubtful passage. In II Kings xxiii. 10 it is stated that one of the practises to which Josiah put a stop by his reform was that of sacrificing children to Molech, and that the place where this form of worship had been practised was at Topheth, "in the valley of the children of Hinnom."
Nature of the Worship.
—Critical View:
The name "Molech," later corrupted into "Moloch," is an intentional mispointing of "Melek," after the analogy of "bosheth" (comp. Hoffmann in Stade's "Zeitschrift," iii. 124). As to the rites which the worshipers of Molech performed, it has sometimes been inferred, from the phrase "pass through the fire to Molech," that children were made to pass between two lines of fire as a kind of consecration or februation; but it is clear from Isa. lvii. 5 and Jer. xix. 5 that the children were killed and burned.
http://www.jewishencyclopedia.com/view.jsp...M&search=Moloch
Encylcopedia Mythica
Moloch was represented as a huge bronze statue with the head of a bull. The statue was hollow, and inside there burned a fire which colored the Moloch a glowing red. Children were placed on the hands of the statue. Through an ingenious system the hands were raised to the mouth (as if Moloch were eating) and the children fell into the fire where they were consumed by the flames. The people gathered before the Moloch were dancing on the sounds of flutes and tambourines to drown out the screams of the victims.
http://www.pantheon.org/areas/mythology/mi...c/articles.html
Some images...

Baal
The antiquity of the worship of the god or gods of Baal extends back to the 14th century BCE among the ancient Semitic peoples, the descendants of Shem, the oldest son of Biblical Noah. Semitic is more of a linguistic classification than a racial one. Thus, people speaking the same or similar languages first worshiped Baal in his many forms. The word Baal means "master" or "owner". In ancient religions the name denoted sun, lord or god. Baal was common a name of small Syrian and Persian deities. Baal is still principally thought of as a Canaanite fertility deity. The Great Baal was of Canaan. He was the son of El, the high god of Canaan. The cult of Baal celebrated annually his death and resurrection as a part of the Canaanite fertility rituals. These ceremonies often included human sacrifice and temple prostitution.
Baal, literal meaning is "lord," in the Canaanite pantheon was the local title of fertility gods. Baal never emerged as a rain god until later times when he assumed the special functions of each. Although there is no equivalent in Canaan of the sterile summer drought that occurs in Mesopotamia, the season cycle was marked enough to have caused a concentration on the disappearing fertility god, who took with him the autumn rain clouds into the neither world.
http://www.pantheon.org/areas/mythology/mi...c/articles.html