The Last Supper is important partly because of its connection to the Jewish Passover (see Exodus 12).
The steps of the Jewish liturgy for Passover are as follows:
Festal blessing;
first cup (see Luke 22:17–18);
eating bitter herbs (see Matt 26:23 and corresponding study note);
eating unleavened bread (26:26; Mark 14:22);
mixing the second cup;
reading the Passover haggadah (this is a retelling of the Exodus story, Exodus 12);
first part of the hallel (songs of praise, Psalms 113–114; see study note on Psalms 113–118);
drinking the second cup;
blessing and eating unleavened bread (Matt 26:26; Mark 14:22; Luke 22:19);
eating the Passover lamb;
third cup (Matt 26:27–28; Mark 14:23–24; Luke 22:20);
fourth cup (see Matt 26:29[?]; Mark 14:25[?]);
time for fellowship;
second part of the hallel (Psalms 115–118; see Matthew 26:30).
The New Testament stories of the Last Supper do not include every part of a typical Jewish Passover. Yet, they include the key parts that gave meaning to the early Christian celebration of the Lord’s Supper or Eucharist (see 1 Corinthians 11:23–25). Jesus, the Lamb of God, is the ultimate Passover lamb and the perfect sacrifice for sin.
this is My body … My blood: Ever since the Protestant Reformation, there have been three main interpretations of the words of Jesus about the bread and wine:
Transubstantiation: The bread and wine are believed to change into the actual body and blood of Christ, while still appearing to be bread and wine.
Real Presence: Christ is understood to be truly present in the sacrament in a mysterious but real way that is beyond human understanding.
Memorial or Symbolic View: The bread and wine are seen as symbols. The act of sharing them recalls Christ’s death and resurrection, and believers receive spiritual benefit through faith.