You cannot obtain a Master Ball in Pokémon Blue (or Red/Yellow) through normal gameplay.
0101F1D0 (Item 1 = Master Ball). Risk: save corruption.Tip: Mewtwo (Cerulean Cave) has catch rate 3 (0.4% per Ultra Ball at full HP, no status). Sleep + 1 HP + Ultra Ball ≈ 11% per ball. Bring 30–50.