Even down to the most basic level of their PGM hardware being a lot like the Neo Geo, it was always clear that IGS were very heavily influenced by SNK, and in keeping with that, Martial Masters seems at first glance to be an ttempt at making a Taiwanese equivalent to Last Blade 2. I say at first glance, because when you start playing, the period setting (seventeenth century China in this case), slightly brown-heavy colour palette, and smooth animation really bring Last Blade 2 to mind. But when you look a little deeper, you'll discover that this is a game that has its own identity.
Before going further, I'm going to contradict that a little by saying that the setting and characters do borrow very heavily from martial arts movies, especially Once Upon a Time in China. However, this actually does serve to make it stand out among fighting games, since there are far fewer games than you'd expect that focus specifically on kung fu, and every character in Martial Masters represents a different style.
This does seem to have posed a challenge for the game's animators, as some of the characters appear to have been animated using rotoscoping. Maybe it was too hard to capture certain styles in 2D without doing that? Whatever the reason, it does result in some very unique-looking fighters, and even though the characters play in similar ways to ones in other fighting games, with traditional special move motions and so on, the different look provided by the overall kung fu theme makes the game stand out in the genre for the way it feels to play.
Martial Masters isn't a game without a few features of its own, though, some of which, while maybe not innovated here, were at least uncommon at the time of its release. You can store up to nine pwoer meters, though it's rare to go higher than three, since they're not just used for supers! You can' perform a Guilty Gear-esque burst action by pressing HP+HK while blocking, which is useful, but not as useful as it might have been if you could do it while taking full hits, too. Especially since if you instinctively press HP+HK when you're not blocking, your character will do a taunt. There's a few other uses for meter, too, like launchers, a Vampire Savior-esque power up, and a kind of throw that doesn't deal damage, but does stun the opponent.
I briefly touched upon how the game looks earlier, but it does look very good. Mostly. Some of the portraits on the character select screen look bizarre, and as mentioned, the rotoscoped characters stand out a lot in a way that's not necessarily positive. But none of that's bad enough to really spoil the game, and the backgroudns and most of the characters look excellent. To bring up the general kung fu theme once again, it does make all of the attacks, specials, and supers really stand out in a way that is positive.
Martial Masters might not be able to stand up to its contemporaries in that subgenre of "turn of the century fighting games with big sprites and unusually smooth animation" like Street Fighter III, Mark of the Wolves, or Last Blade 2, but that doesn't mean it's not worth your time. It's a fun game with a unique setting and feel, and it feels good to play. If you want to play it legally, a PGM cartridge would cost you a few hundred pounds, but apparently there was a somewhat recent collection of IGS games on Switch which is presumably a lot cheaper, and includes Martial Masters and a bunch more games (including previous review subject Demon Front).