The Master is a mysterious individual that not much is known about. It is immediately clear that he is the absolute leader of all the enemy forces, since the red glow of the Master's portal to the Underworld is the only thing that seemed to enable Morticon, Imperious, Koragg, Necrolai, and Leelee to stop arguing and work together.
Only once has a physical form for the Master been seen. When Leanbow drove back the enemy forces during the war, the Master forcibly turned him into Koragg with a bolt of energy from his normal circle, without even attempting to come out. But recently, the Master managed to partially revive, and took the form of a Cthulhu-like creature with many tentacles.
The overall agenda of the enemy forces seems to be two-folded; to take over the forest and human realms, and to revive the Master fully. The fact that the Master hasn't been truly revived yet, despite him appearing in a physical form, hints that he has much more power yet to be seen. The Ten Terrors seem convinced that in order to revive him they have to follow a special set of laws during battle with the Rangers. In contrast, Morticon seemed to want to wait to revive the Master until after he had released the rest of the Underworld forces from behind the gates. Imperious seemed to have his own agenda, although his general tactic looked to be simply gathering as much energy for the Master to absorb as possible.
It's currently unknown which of the three ways is the best one for releasing him, though Sculpin seems to think there should already be signs of his power growth by now. The reason for there not being signs seems to be as a result of Leanbow, who is still in the Underworld and is personally preventing the Master from revival. On Leanbow's last visit to the surface world though, Necrolai tagged him with one of Sculpin's scales, so it seems Sculpin may soon give Leanbow a personal visit to take care of the “problem”.
The Master hasn't shown many abilities at this point. His physical form was large enough for his tentacles to errantly bring down the entire main cavern of the Underworld as they whipped around. He also seems to be able to brainwash people by striking them with bolts of energy, and can suck the power from people using the same trick in reverse.