Magic: This ability seems to be the core from which all of Mister Mxyzptlk's powers manifests from. With this ability, he can control earthly things like people and even other aliens mentally with his mind, and can cause levitation in objects including himself, just by thinking. Mister Mxyzptlk can also banish any organism and cause it to disappear at a mere thought.
Creation: Utilizing his core ability, which is magic, Mxyzptlk can easily create entire worlds, realms, dimensions, loopholes, vortexes, wormholes, vacuums in space, and much more, making him an extremely powerful entity against Superman in the entire universe.
Teleportation: Utilizing his core ability, which is magic, Mxyzptlk can disappear and reappear at a mere thought, capable of moving through time and space, and can appear anywhere in the entire universe. In one case, he was able to teleport Bizarro from his planet to Earth almost instantly just by snapping his fingers together, demonstrating a scope to this ability.
Reality Warping: Utilizing his core ability, which is magic, Mxyzptlk can manipulate logic and the fundamentals of laws with ease, and is often seen doing so by making simple gestures or other motions. He can also reshape earthly objects and make them into something else entirely, as well as create structured lifeforms with full complexions that don't exist just by thinking, and in that regard, he can also make any living organism vanish and become non-existent at a single thought.
Effectively Infinite power for any effect that he chooses as he has converted living beings into living animated forms.
Mister Mxyzptlk has an irrational compulsion and attachments towards practical jokes and things of a prankish, immature nature. It has been demonstration that this is an aspect of Mxyzptlk's interaction with a three-dimensional reality such as the Earth-dimension. The more time he spends in the Earth dimension, the more prone he is to engage in puckish behavior. Mxyzptlk's actions are also governed by restrictions that he establishes for himself. If Mxyzptlk decides that he will return to the 5th Dimension if someone convinces him to (for example) spell his name backwards, then he is obligated to comply with the regulation. Once banished, Mxyzptlk must remain in the 5th Dimension for a maximum of ninety days before returning to Earth.