Maitreya is a bodhisattva who in the Buddhist tradition is to appear on Earth, achieve complete enlightenment, and teach the pure dharma. According to scriptures, Maitreya will be a successor of the historic Śākyamuni Buddha, the founder of Buddhism. The prophecy of the arrival of Maitreya is found in the canonical literature of all Buddhist sects (Theravāda, Mahāyāna, Vajrayāna) and is accepted by most Buddhists as a statement about an actual event that will take place in the distant future.
Maitreya's coming will occur after the teachings of the current Gautama Buddha, the Dharma, are no longer taught and are completely forgotten. Maitreya is predicted to attain Bodhi in seven days (which is the minimum period), by virtue of his many lives of preparation for Buddha-hood (similar to those reported in the Jataka stories of Shakyamuni Buddha).
Maitreya's coming is characterized by a number of physical events. The oceans are predicted to decrease in size, allowing Maitreya to traverse them freely. The event will also allow the unveiling of the "true" dharma to the people, in turn allowing the construction of a new world. The coming also signifies the end of the middle time in which humans currently reside (characterized as a low point of human existence between the Gautama Buddha and Maitreya.)
Maitreya currently resides in the Tuṣita Heaven (Pāli: Tusita), said to be reachable through meditation. Śākyamuni Buddha also lived here before he was born into the world as all bodhisattvas live in the Tuṣita Heaven before they descend to the human realm to become Buddhas. Although all bodhisattvas are destined to become Buddhas, the concept of a bodhisattva differs slightly in Theravada and Mahayana Buddhism. In Theravada Buddhism, a bodhisattva is one who is only destined to one day become a Buddha, whereas in Mahayana Buddhism, a bodhisattva is one who has already reached a very advanced state of grace or enlightenment but holds back from entering nirvana so that he may help others.
Once Maitreya becomes a Buddha, he will rule over the Ketumati Pure Land, an earthly paradise sometimes associated with the Indian city ofVaranasi (also known as Benares) in Uttar Pradesh. (All Buddhas preside over a Pure Land; the Buddha Amitabha will preside over the Sukhavati Pure Land, more popularly known as the Western Paradise.)
Maitreya's anniversary is celebrated at the same time as the Chinese people world wide ushers the 1st day of the Chinese lunar new year. So, it is considered an auspicious day to make prayers and meditation to honor the 'compassionate one'.
