The team formed its first alliance in October 1987 when Randy Savage was the victim of a 3-on-1 attack by the Honky Tonk Man and the Hart Foundation when Miss Elizabeth ran to the back for reinforcements in the form of WWF Champion Hulk Hogan. The two shook hands in a sign of things to come.
In March 1988, Randy Macho Man Savage faced Ted DiBiase in the finals of a championship tournament. DiBiase had Andre The Giant at ringside to assist him in the match, so Savage sent Elizabeth to the back for reinforcements again in the form of Hogan, who took a seat ringside. As DiBiase locked in the Million Dollar Dream, Savage almost reached the top rope to cause a legal break, but Andre pulled the rope away from him. As the referee reprimanded Andre, Hogan came in with the chair and struck DiBiase in the back to break the hold. Savage perched on the top rope to deliver his signature Flying Elbow to score the pinfall and become the new undisputed WWF champion.
Over that summer, WWF Champion Randy Savage defended against Ted DiBiase in a series of title matches until DiBiase and Andre The Giant formed the Mega Bucks to face Savage and his choice of partners, for which he picked Hulk Hogan, so the Mega Powers had their first official match as a team. The inaugural SummerSlam was billed as "Where The Mega Powers Meet the Mega Bucks" and Jesse The Body Ventura served as the controversial guest referee since he was a long-time supporter of Savage but a major detractor of Hogan. The Mega Powers won the match, and their next challenge was the Twin Towers: Big Boss Man & Akeem. To reinforce their unity as a team, Elizabeth became a regular fixture in Hogan's matches, often getting in harm's way.
In November 1988, the Mega Powers stood as sole survivors at the Survivor Series, but friction was mounting. A couple months later, Hulk Hogan eliminated Bad News Brown from the Royal Rumble, but Randy Savage was dumped out simultaneously. The two made amends for a televised match with the Twin Towers in February 1989, during which Savage was thrown onto Ms. Elizabeth. Hogan got her immediate medical attention, leaving Savage alone in the match. When he returned, Savage tagged Hogan with a slap across the face, and the Mega Powers had a verbal confrontation backstage, which ended with Savage belting Hogan with his championship. Brutus Beefcake came to the aid of Hogan, and a match between the Mega Powers was set for WrestleMania V, hyped as "The Mega Powers Explode!" Hogan won the match and the championship. He and Savage continued feuding and they never teamed in the WWF again.
In real life, Randy Savage and Hulk Hogan had a falling out as well. In late-1994, Savage called Hogan privately and they made a deal where Savage would join him in World Championship Wrestling. According to Eric Bischoff, "Randy was a spokesman for Slim Jim at the time, and I cut a deal for sponsorship with Slim Jim that offset the majority, if not all, of Randy's salary. (WCW) got Randy, if not for free, close to it."
In WCW, Hulk Hogan and Randy Savage teamed as partners until June 1996, when Hogan turned on Savage to create the New World Order. The two feuded throughout the rest of 1996, but when Savage returned to WCW in 1997, he joined Hogan & Liz in the nWo. Although their friendship was restored, Savage won two World titles, both of which he lost to Hogan within 24 hours.
After Randy Savage's in-ring career ended, he became more focal against Hulk Hogan, even turning his hatred for Hogan into a song for his 2003 rap album in the title track called "Be A Man."
Additionally, the term "Mega-Powers" has been used to describe Hogan's clique of wrestlers that he kept elevated in the WWF from 1986-1993 and then brought to WCW around 1994. This group included Savage, Beefcake, Honky, Hacksaw Jim Duggan, Jimmy Hart, and the Nasty Boys.