This is a hilarious but often rather silly
movie, often laughing at many other cliches besides James Bond
Dr. Evil is once again going to destroy the world, this time by crashing a giant asteroid of gold into the Earth with the help of Goldmember, whose privates were turned to gold in an accident. Austin Powers has to stop him. As usual, number 2 is trying to get him to do normal profitable stuff with his huge financial resources instead of wierd schemes, and fails.
You have your usual pinch of time travel here. Also this movie attempts again to be some sort of metaphor for intergenerational conflict on a more serious level, with very mixed results. Dr. Evil switches his favor temporarily from Minime to his older son. Austin Powers must work with his father who never seemed interested in his minor triumphs such as graduaing first in his class and being knighted by the Queen of England. Meanwhile, the movie in a movie effect is almost postmodern, while having much fun with special effects.
Without divulging much of the actual plot, this gives you the flavor of the movie. This node makes about as much sense as the actual movie, but the movie is much funnier. I'm not sure you would want young children to see near this much almost explicit sexual innuendo.