A PCR master mix is a mix of all most of the ingredients or factors necessary for PCR to occur. The goal of a PCR master mix is to decrease time spent pipetting.
How a PCR Master Mix Works
A PCR master mix works similar to the following:
If you had to make 10 recipes that were similar except for 1 ingredient that was different in each (usually in a PCR master mix the DNA template), you could simply make a "master mix" of 11X all the ingredients (1 extra in case of lost recipe). You could then add 1X of the mix to the 10 pots, and then add that extra ingredient to each of the 10 pots.