Mojo is the essence of Austin Powers' sex drive. It is what gives him his legendary sexual prowess and his potency. Physically, it is a fluid inside Austin's “family jewels” that is the source of his potency and his amazing sexual prowess.
A combination of Austin’s life force and libido, Austin’s mojo is the source of his power. With it, Austin is the world’s greatest lover, capable of seducing and pleasuring any woman he desires. It also boosts his self-confidence and spy skills. However, without his mojo, not only does Austin’s confidence and spy skills get diminished, but he also loses his powerful sexual prowess and is rendered impotent.
This occurred in 1999. After successfully seducing Dr. Evil’s assassin Ivana Humpalot, Austin was horrified to discover that shortly after they began to shag, he could no longer perform for Ms. Humpalot, causing Austin to admit in horror that he had lost his mojo. He then proceeded to travel back to the year 1969, the year in which his mojo had been removed from his cryogenically frozen body, to try and reclaim his libido.
Back in the Sixties, Austin received help from the shagadelic CIA agent Felicity Shagwell, an American hippie/spy whose mojo rivaled even Austin’s and made it very clear her desire to have sex with him. However, when Felicity tried to make a move on Austin in his 1969 Shag Pad, despite his mutual desire to sleep with her, he had to turn her down due to his erectile dysfunction. Felicity was disappointed, though Austin did admit the following day his mojo-less state and assured her that once he got his mojo back, he had every intention of shagging her, much to Felicity’s delight.
Unfortunately, things would not go the way Austin and Felicity hoped. After foiling Dr. Evil’s plan to hold the world hostage with a moon based laser, Austin’s nemesis tossed the vial containing Austin’s mojo into the air. Although Austin and his past self raced to catch it, he failed and the vial crashed to the ground, shattering and destroying Austin’s mojo. He wept as he was now seemingly doomed to eternal impotence, unable to ever make love again, though Felicity said Austin’s defeat of Dr. Evil and the fact that she was still in love with him proved he never needed his mojo to begin with. Later, upon his return to 1999, Austin discovered his past self in mid-Shag with Felicity, realizing that his mojo had returned naturally, something Past Austin confirmed. With his legendary sexual prowess restored, the present day Austin and Past Austin proceeded to have a threesome with Felicity, much to the hippie chick’s excitement.
Anyone who drinks even a mere sip of Austin’s mojo will acquire Austin’s sexual desire and ability, or at least a portion of it, as demonstrated by Dr. Evil’s intense desire for Frau Farbissina and apparent increase in sexual prowess after drinking some of it.
In an interesting twist, in an older draft of The Spy Who Shagged Me, Austin actually was successful in reacquiring his mojo, rather than it being destroyed as it was in the final theatrical cut. Austin and Felicity would have successfully retrieved Austin’s mojo in Dr. Evil’s secret volcano lair after escaping their prison cell. Fat Bastard was to have been guarding it along with He-Bots, male versions of the Fem-Bots. After Felicity destroyed the He-Bots with her own mojo, Fat Bastard would actually give Austin his mojo back willingly after a heart-to-heart with Felicity.