The Mythril Bow uses Azurite Arrows as ammunition. At first glance, it appears to deal relatively low damage for a weapon of its level. Its manufacture cost is not too cheap, but it is affordable (63 Mythril Fragments, 3 Strings), which makes seem like an unexceptional weapon. However, one must remember that Bows have a Drawback feature, as well as Power enchantments, which can greatly increase the power of the Mythril Bow. At minimum power, a standard Mythril bow deals only 6 Ranged Damage. However, at maximum power, it can deal 45 Ranged Damage.
At 45 Ranged Damage, the Mythril Bow is the strongest ranged weapon in its class. In addition, its drawback time has improved greatly from its predecessor (Uvite Bow), making it a decent weapon to use for close combat. However, it is still more useful as a "sniping" weapon, such that the player can take out enemies at range without taking any damage at all. This use if made more effective If enchanted with an Infinity enchantment, so that the player does not have to stack up on arrows.
If this weapon is enchanted with a Power V enchantment, it becomes an extremely powerful weapon, capable of dealing 55 Ranged Damage per shot, outclassing weapons as far up as the Halite Phaser.
Strangely, this bow is not affected by the multiplier effect of Power Enchantments; instead it appears to be nerfed. Should it obey those rules, a Power V Mythril Bow would deal 112.5 Ranged Damage per shot, which is stronger than even the Halite Blade.
The bow is listed as doing 15 Ranged Damage if the player is using mods such as NEI. This is untrue, as this number is actually used as a comparison point to calculate the varying damage outputs depending on the different drawback lengths.