It increases Fire, Water, Grass, and Bug type moves respectively if the Pokemon who has the ability has only 1/3 of their HP left by 50%.
Let's say you have an Infernape that was weakened from recoil of Flare Blitz. It falls under 1/3 of its HP. Blaze activates. The power of Flare Blitz, which was 180 with STAB, reaches an immense 270 base power.
180 x 1.5 = 270