The manager was speaking after Balotelli had contributed a goal to help Manchester City beat the player's former side Inter Milan 3-0 to win the Dublin Super Cup.
"He played very well. Mario can play like today always. He has class, he has technique, he has everything," he told Sky Sports.
"We have good strikers, Mario is one of them, but this win is not just for Mario, it's for all the players because this season will be difficult as we'll expect to build on what we did last year."
The Italian had a public falling out with his forward last week after substituting the 20-year-old against Los Angeles Galaxy for an attempted backheel shot on goal.
Mancini also revealed that £38m signing Sergio Aguero could feature on the bench against Manchester United next Sunday in the Community Shield at Wembley Stadium.
"This week, for Sergio, will be a recovery. He'll be training but not strong training because he was at the Copa America and finished only two weeks ago.
"It is important that he recovers very well and then he can be on the bench next Sunday."