In Western Christianity, the feast commemorates principally (but not solely) the visit of the Magi to the Christ Child, and thus Jesus Christ's physical manifestation to the Gentiles. It is sometimes called Three Kings' Day, and in some traditions celebrated as Little Christmas.
The traditional date for the feast is January 6. However, since 1970, the celebration is held in some countries on the Sunday after January 1.
The three kings are each displayed as differnetly nationalities and ages. One is European, one is African, and one is Middle Eastern. They are also portrayed as different ages, a younger king with a light beard, a middle aged king with a medium size beard and an older king with a long beard. This shows that all ages and races come to Christ.
The oldest king is portrayed kneeling in adoration of christ with his crown on the ground. He is the oldest and wisest. Wisdow knows to kneel before Christ.
The gifts of gold, frankincense and myrhh are symbolic. Gold is a kingly gift, frankencense is a priestly gift and myrhh is a gift that shows death. This forshadows the sacrifice Christ will make. Christ is king, priest and sacrificial lamb.
"And having been warned in a dream not to go back to Herod, they returned to their country by another route. When they had gone, an angel of the Lord appeared to Joseph in a dream. “Get up,” he said, “take the child and his mother and escape to Egypt." (Matthew 2 12:15)
When you encounter Christ you don't go home by the same path. You are changed. This shows that the Wise men have been changed because of their meeting with the savior.