I’m sure there are quite some different interpretations of the great six syllable mantra OM MANI PADME HUNG. From the text of The Heart of Unconditional Love by Tulku Thondup he describes several interpretations. The most clear for me is what he describes on pages 104-105:
OM: Is comprised of 3 letters/sounds – Ah, O, M. These represent three qualities of the Buddha, his Body, Speech and Wisdom Mind. It also is a reference to the aspirant’s Body, Speech and Mind.
MANI: Mani means jewel – think of the jewel held at the chest of the Chenrenzig statue. Here the gem represents wisdom.
PADME: Also found in the depiction of Chenrenzig, is the lotus – this is what Padme means (lotus) and it represents loving-kindness.
HUNG: Pronounced as `Hoong` in Tibet, this symbolizes the two stage Wisdom Mind of the Buddha. Stage 1 being the wisdom of knowing all things as they are and Stage 2 being the wisdom of knowing all things as they really are.