The Phurba is a ritual object traditionally associated with Tibetan Buddhism or Bön.  The Sanskrit term for phurba is kilaya.

In this representation, you see a pair of coiling nagas (serpents) descend from the mouth of the makara (mythical sea creature) in the recess of the blades.  These nagas collectively represent the six perfections.  The three blades also represent control over the three times and the three realms.

The pommel of the phurba is crowned with the three faces of Vajrakilaya or Dorje Phurba, who are invoked to dwell within the phurba, they represent the destruction of hatred, delusion and greed.

The nine eyes symbolize the nine yanas of the Nyingma tradition, and the nine unified wisdoms of the Five Buddhas and the Four Mothers.

The combined skull-crowns of these three wrathful heads create a circular tiara of twelve skulls, which represent the overcoming of the twelve links in the chain of dependent origination.

The single horse head crowning the phurpa represents the deity Hayagriva.

One of the principal methods of working with the phurba and to actualize its essence-quality is to pierce the earth with it; sheath it; or as is common with Himalayan shamanic traditions, to penetrate it vertically, point down into a basket, bowl or cache of rice.  In the Himalayan shamanic tradition the phurba may be considered as axis mundi.  For the majority of Nepalese shaman, the phurba is cognate with the world tree, either in their visualizations or in initiatory rites or other rituals.  The phurba is not a physical weapon, but a spiritual implement, and should be regarded as such.