The Precious Three are the basic elements that Shakyamuni Buddha taught his disciples as the spiritual foundation of Buddhism soon after he began his missionary work: the Buddha, the Dharma, and the Sangha. Because of their supreme value, they are also called the Three Treasures.
Before dying, the Buddha said, "Make the self your light, make the Dharma your light." These are words Shakyamuni spoke to Ananda, one of his ten great disciples. Ananda became anxious about the future and asked, "When the World-honored One, who is an unparalleled leader and teacher, dies, who on earth can we depend on in our practice and life?" In response to Ananda's anxiety, the Buddha said, "Ananda! In the future, you should make yourself your light and depend upon your own self. You must not depend upon other people. You should also make the Dharma your light and depend on the Dharma. You must not depend upon others.”
This is the essence of a spiritual path. Buddha taught us that we could depend on ourselves and walk the Way through our own efforts. He also taught us that by learning the Dharma (Universal Truth as taught by the Buddha) we will be living in the light. Thus, though we should live through our own efforts, we should always live in accordance (harmony) with the Dharma.
The Dharma is the Truth or Universal Law, whose true state is very hard for ordinary people to grasp. Therefore, they feel insecure in building their mental attitude upon it and basing actions in their daily lives on it. For this reason, Shakyamuni Buddha explained the Dharma in terms of the following three principles: the Buddha; the Dharma – the teachings of the Buddha; and the Sangha, whose meaning has been greatly misunderstood since ancient times. The Sangha has been interpreted as the community of Buddhist monks and nuns. But, in the case of the words, "I, with all the Sangha", the term indicates the idea of believers in a broader sense. The Sanskrit word samgha means "an intimate and faithful group consisting of many believers." Shakyamuni Buddha gave the name Sangha to the community of fellow believers who seek the same teachings as his disciples.
People find it difficult to practice the Dharma (Buddha’s Teachings) in complete isolation. Most of us are apt to become lazy and lose the Path. But we can steadily advance by sharing the teachings, helping each other with our awareness, and encouraging one another. This is the reason the Buddha regarded the Sangha as one of our mental foundations. The things on which we can depend spiritually are the Three Treasures: the Buddha, the Dharma, and the Sangha. If we depend spiritually upon the Buddha, his teachings, and the community of believers, we can faithfully practice the Dharma in our daily lives. Therefore, Buddhists always take refuge in the Three Treasures.
These words mean, “We depend on the Buddha, on the teaching of the Universal Truth taught by him, and on the community which is closely unified for the purpose of believing in and practicing these teachings, and we devote ourselves to these Three Treasures.” Shakyamuni taught these three principles to his believers to help them have faith and strength to practice with a positive attitude. This would help focus their devotion.