The Paschal Candle is blessed at the Paschal Vigil (Easter Vigil) the night before Easter Sunday. The word "paschal" is a rich word that refers to "passion" as in suffering, "passing" as in moving from one way of existing to another, and "deliverance" from the slavery of sin to the freedom of the children of God. Jesus Christ, through His suffering, death, and resurrection, conquered sin and death. By participating in the life Jesus offers us through Baptism, we too can pass from the deadly life of sin to the blessed life of glory Christ won through the Cross (cf. Romans 6:3-11). Christ is therefore the "Light of the World" (John 8:12), for following Christ faithfully gives us a share in His victory and shows us the way out of the chaos of sin.
Paschal Candles are decorated with a number of symbols that tell us about Christ:
The Cross reminds us of the way Jesus died to save us from sin. Jesus submitted to the worst form of death to show His total love for us.
The five wax nails remind us of the wounds Jesus endured during His Passion: He was nailed to the Cross through His hands and feet; pierced in the side with a lance; and wore a crown of thorns.
The first and last letters of the Greek alphabet - Alpha and Omega - remind us that in Jesus Christ everything finds its beginning and end (cf. John 1:3; Revelation 22:13).
Finally, the year for which this candle was blessed for use is present, reminding us that all times and seasons belong to Christ. Christ has redeemed us and bought us with His blood. As Christians we have been released from the grip of sin. Through the resurrection of Christ the power to live anew becomes a reality for us, but the fullness of participation in Christ's resurrection still lies in the future. But life that is lived in dedication to God now is part and parcel of that future. So we live in the year of Our Lord, enjoying partially what we hope to enjoy fully forever.