Chenrezig is known as the Buddha of great compassion. All Buddhas have love and compassion but Chenrezig is the foremost among them for his qualities of love and compassion as he is more connected with beings in all of the six realms. The name Chenrezig means, “always observing and caring for beings in the six realms” (Chen=eyes, re=caring, zig is observing, looking). To be more effective in this, Chenrezig has 1,000 arms and 1,000 eyes to observe and help all beings instantly, and simultaneously.
The purpose of Chenrezig practice is to benefit beings in the six realms and the bardo. During the present time period, this practice is important because there exists a multitude of bardo beings, beings that have not recognized they have died and are still attached to samsara (cyclic existence).