The first candle symbolizes hope and is called the "Prophet’s Candle." The prophets of the Old Testament, especially Isaiah, waited in hope for the Messiah’s arrival. The purple color symbolizes royalty, repentance, and fasting.
The second candle represents faith and is called "Bethlehem’s Candle." Micah had foretold that the Messiah would be born in Bethlehem, which is also the birthplace of King David. The second candle is also purple to symbolism preparation for the coming king.
The third candle symbolizes joy and is called the "Shepherd’s Candle." To the shepherd’s great joy, the angels announced that Jesus came for humble, unimportant people like them, too. In liturgy, the color rose signifies joy. This candle is colored pink to represent joyfulness and rejoicing.
The fourth candle represents peace and is called the "Angel’s Candle." The angels announced that Jesus came to bring peace–He came to bring people close to God and to each other again. This color is also purple to represent the culmination of love through the Messiah.
The (optional) fifth candle represents light and purity and is called "Christ’s candle." It is placed in the middle and is lit on Christmas Day. This candle is white to represent pure light and victory.