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Deals damage. If this move is used after another Pokemon has used the move Fusion Flare in the same turn, its Base Power will double. If another Pokemon uses the move Fusion Flare after this move has been used in the same turn, then the Base Power of that Fusion Flare will double.
Fusion Bolt is a strong and accurate move, and three Pokemon get it; Victini, Zekrom, and Kyurem-B. All three of these Pokemon can make great use of this move. Zekrom is a good user of Fusion Bolt, though while it's weaker than Bolt Strike, it is still powerful, not to mention that it fills a nice space on that last moveslot, filling a good STAB move in the event that Bolt Strike's PP runs out, not to mention it offers perfect accuracy. Victini also uses this move as a viable weapon to maim the bulky Water-types, particularly Slowbro and Milotic, to do heavy damage. Alongside the powerful V-create, Victini becomes nigh impossible to wall. Kyurem-B also uses it as a coverage move to maim things that resist its Outrage, most notably Skarmory.
In doubles, this move has much more use. Fusion Bolt will always be the preferable move over Bolt Strike, as it will either power up or be powered up by Fusion Flare, should it do so, a 200 Base Power attack is nothing to laugh at. Perfect accuracy only adds to its use, making it almost completely superior to Bolt Strike. Overall, Fusion Bolt is always a move to consider for a moveslot.
Bolt Strike is a more powerful alternative with 130 Base Power.
Volt Tackle is a more powerful attack with 120 Base Power, but the user suffers considerable recoil.
Wild Charge is an alternative attack with 90 Base Power and much greater distribution, but it damages the user with recoil.
Fusion Flare is stronger when used in conjunction with Fusion Bolt.