Lyric discussion by sage.charcoal 

Cover art for Dragonfly lyrics by Crüxshadows, The

I think that Dragonfly is a woman. I think she is probably dying, and he is trying to let her go. "Her voice fell tired and spent" "her outstretched wings, left tattered" indicate that she is worn down by life. "a breath in time, that's yours and mine...it belongs to only us" This could indicate a last breath? "And I will write her name and cast it to the sky, silhouettes recede into a mother's tearful eyes, a host of angels clamor to her side" These all indicate death, and that he is trying to "release the dragonfly", as in trying to accept her death, and let her go. "but tonight, my love, ascend the gates, release the dragonfly" These seems to be where he decides it is what is best for her, and at the end "sometimes angels fall, but love will never die tonight my soul is something more"-calls the dragonfly." This also indicates the woman is the dragonfly, as it is her calling the words, and also that she is letting go and moving on to become something more.