I don't understand how people can say that axe looks nice. I'm all for people learning how to model and texture, just don't lie to them. DrKirby takes constructive criticism well and learns from it.
Make the big chips in the blade out of polygons. It just looks bad here. Also, think where the light is going to hit the edges the majority of the time. You can't just put a white outline around them. One side is going to have a bigger highlight most of the time
I would redo the runes too. How are the runes applied to the axe? It looks like they poke out from the base, so are they welded on or something? The texture should explain this, but all I see is a white line around them. What is this white line?
Still using too many polygons for round objects. The hole in the axe looks like it is 16 sided again. Cut down on those sides and you can put the actual chips in the blade and give the bottom of the blade a curve. The hole isn't even lined up where it attaches to the shaft. That might be an artistic decision, but it looks weird and it also doesn't match your detailed concept art.
The metal part of the shaft is boring. Needs rivets or something.
The very plain wood texture is boring too. Put some leather straps or metal rings on it or something. It doesn't even look like wood. Looks like a brown plastic with charcoal drawn on it.
There's some smoothing group issues on the model too. That probably is just because of the low polycount, but I would see if I could make them better.