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Master Level Up
Once a Master acquires enough EXP from battle, their level will increase. When a Master levels up, AP will be fully restored and the max AP will increase. In addition, the Party Cost that determines the amount of total Cost available for forming a party, including both Servants and Craft Essences, will increase. (The rarer the Servants and Craft Essences are, the higher their Cost will be.) The number of Friends you can have will also increase.
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Leveling Up Mystic Codes
When a Master acquires enough EXP from battle, the equipped Mystic Code can also level up. When this is done, the Master Skills associated with the Mystic Code may power up.