Phlebotinum is the versatile substance that may be rubbed on almost anything to cause an effect needed by a plot. Examples include but are not limited to:
nanotechnology, magic crystal emanations, pixie dust, and
Green Rocks.
In essence, it is plot fuel. Without it, the story would grind to an abrupt halt. It's the science that powers the FTL drive on the starship so the characters can get somewhere, it's the magic that hatches the
Egg MacGuffin so the protagonist can save an endangered species, it's the strange things unknown to science or magic that do basically anything. The reader does not know how Phlebotinum would work and the creators hope nobody cares.
According to
Joss Whedon, during the DVD commentary for the pilot episode of
Buffy the Vampire Slayer, the term "phlebotinum" originates from
Buffy writer (and
Angel co-creator) David Greenwalt's sudden outburst: "Don't touch the phlebotinum!" apropos of nothing.
Fun Fact Whether or not he had the etymological connection in mind, "phlebotomy" is the drawing of blood, coincidentally appropriate in context.
If the phlebotinum in question is simply a physical substance with unusual/extreme properties you are almost certainly dealing with the element
Unobtainium.
A.K.A. Handwavium. Compare
Author Powers,
Hand Wave,
MacGuffin,
Deus ex Machina, and
A Wizard Did It. Contrast
Misapplied Phlebotinum.
Tropes
Applied Phlebotinum is among the
Tropes of Legend.