The 20-year-old has made 35 appearances for the Shrimps but all but five of those have been from the bench.
Despite starting four times in his 23 games during the current campaign, Mwasile has yet to complete 90 minutes for the first team.
Morecambe boss Jim Bentley hopes the Zambia-born winger can boost his claim for a regular starting spot while with the non-league outfit and build on a similar spell with Workington last year.
"Joe has done well when he has come off the bench for us in recent weeks but it is time he had regular football at this stage of his career," Bentley told Morecambe's official website.
"He had a good spell at Workington last season and will benefit from this one as well.
"Altrincham are a good club and they have a lot of games in January and it will be great experience for him."
Bentley also confirmed that he is looking to add a player to the squad before the next outing at home to Portsmouth.
He said: "Negotiations have been ongoing and I am hopeful that we will be adding a new face to the squad later this week."