Master of Magic
Published by MicroProse, Developed by SimTex, Released 1994 for DOS and Windows 95
The plot of Master of Magic is to become the dominant wizard on two 'planes' of existence, the normal Earth-like one and the fantasy based plane "Myrror". You can do this by destroying your competing wizards (up to 4 computer players) or by casting the Spell of Mastery.
~description courtesy of mobygames.com
This is quite famous 2D turn-based strategy. Being cult on its own and completely unrelated to Might and Magic. Though with some similar goals and different approach.
The game history doesn't end here, as at 2019 Slitherine acquired Master of Magic license and charged MuHa Games with developing it a new. The final project name is not known, so it could be simply again Master of Magic or Master of Magic Remake or Master of Magic 2. You can watch, how is the development going here.
Meanwhile we need to note, that there exists also Caster of Might and Magic, which is modernised mod of the original game, with some new spells.
And apart that, there is more games which claimed to be a successor but without original license. Master of Elemets of Fallen Enchantres comes to mind as a first.
MuHa Games are experienced games developer. Author of very well appreaciated Thea game and with a very good support for modding. :D