Jesus, the Light of the world, is presented in the Temple by his Virgin-Mother.
The mystery of today’s ceremony has frequently been explained by liturgists, dating from the 7th century. According to St. Ivo of Chartres, the wax —which is formed from the juice of flowers by the bee, (which has always been considered as the emblem of virginity,)— signifies the virginal flesh of the Divine Infant, who diminished not, either by his conception or his birth, the spotless purity of his Blessed Mother. The same holy Bishop would have us see, in the flame of our Candle, a symbol of Jesus, who came to enlighten our darkness. St. Anselm, Archbishop of Canterbury, speaking on the same mystery, bids us consider three things in the blest Candle: the Wax, the Wick, and the Flame. The Wax, he says, which is the production of the virginal bee, is the Flesh of our Lord; the Wick, which is within, is his Soul; the Flame, which burns on the top, is his Divinity.
The Church blesses the Candles today, not only to be carried in the Procession, which forms part of the ceremony, but, also, for the use of the Faithful, inasmuch as they draw, upon such as use them with respect, whether on sea or on land, (as the Church says in the Prayer,) special blessings from heaven. These blest Candles ought, also, to be lit near the bed of the dying Christian, as a symbol of the immortality merited for us by Christ, and of the protection of our Blessed Lady.
Dom Prosper Gueranger - The Liturgical Year