The "Lily" represents a pure, fragile love or a person the narrator cares for deeply ("my soul, my lily").

"Time to say goodbye and turn the pain / Into that kind of power / To begin to live and rise again". Official Lyric Video Information

The song is a bittersweet exploration of letting go in a relationship. The lyrics describe a deep, possessive love that has become painful ("my love can hurt like hell"). The narrator ultimately realizes that "nobody belongs to anybody" and decides to set his "lily" free so they can bloom and live again.