Lord Chaos and Master Order exist together in the cosmos. Lord Chaos ask Master Order questions and Master Order attempts to answer them to Lord Chaos satisfaction. Master Order and Lord Chaos created the In-Betweener to preserve a balance of order and chaos in the universe. The In-Betweener planned to restore balance by creating universal insanity so he manipulated the Fantastic Four to fight amongst themselves over the infinity gems. Silver Surfer and Doctor Strange witnessed this and summoned Lord Chaos and Master Order, who imprisoned the In-Betweener within the Magick realm.
When Thanos acquired the Infinity Gauntlet this got the attention of Lord Chaos, Master Order, Galactus, Infinity, Eternity, Master Hate, Mistress Love, and Adam Warlock. They all joined forces and eventually defeated Thanos when Adam Warlock took the Infinity Gauntlet from him. The Living Tribunal interfered and set up a trial to see if Adam Warlock was worthy of the gauntlet. The Living Tribunal deemed that he was not worthy of the gauntlet and he was ordered to give one of the infinity gems away.
Master Order has no physical form and represents the collective forces of order within the universe.
Powers and Abilities
Master Order is the very embodiment of Order itself. All Magic in the Marvel Universe stems from Master Order and his counterpart Lord Chaos. They are above the likes of Shuma Gorath, Cyttorak, Sise-Neg, Dormammu, Surtur,and etc. All of which are magic users.