The Wheel of Life Thangka (Bhavachakra in Sanskrit), is the representation of the Buddhist universe which teaches the existence (Cycle of Life, Death, Rebirth, and Suffering). It is also known as Wheel of Karma, the law of cause and effect and the three “kleshas” (mental states affecting actions) of ignorance, greed, and hatred.
Basically, the wheel is divided into 5 or 6 realms. The Bodhisattva Avalokiteshvara appears in each of the realms to show the way from the Wheel to liberation. But liberation is only possible in the realm of man. From there, those who perceive enlightenment find their way out to Nirvana.
It is one of the most common subjects in Buddhist Arts. Hence, the meaning is interpreted in many different ways. In simple words, the Wheel of Life means the cycle of birth, rebirth, and existence in samsara.
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