The Phoenix Story:

The name Phoenix comes from the Greek word for "purple." It is associated with fire and sun. The ancient Greeks believed the Phoenix was immortal, or never died, but that it had to be renewed with fire.

Every 500 years near the end of its life, the phoenix would build a funeral pyre for itself.  It would fly into this fire and burn to ashes.  From these ashes, the phoenix would then arise and live for another 500 years.
 
The phoenix is a symbol of transformation, rising gloriously and triumphantly to live again.