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A king cake, also known as a three kings cake, is a cake associated in many countries with Epiphany. Its form and ingredients are variable, but in most cases a fève such as a figurine, often said to represent the Christ Child, is hidden inside. After the cake is cut, whoever gets the fève wins a prize. Modern fèves can be made of other materials, and can represent various objects and people. In Western Christian tradition, Epiphany (also known as "Three Kings Day") celebrates the visit of the Magi to the Christ Child. From the 19th century onwards, the tradition of the King cake has been associated with the Epiphany ("appearance" in Greek). The three kings cake takes its name from the Biblical Magi, also referred to as the three kings: Melchior, Balthazar and Gaspard, who came to Jesus to offer him gifts, twelve days after his birth. The Eve of Epiphany is known as Twelfth Night, which is the last day of the Christmas season, and Epiphany Day itself commences the Epiphany season.[citation needed] The origin of the cake tradition was popularly believed to be related to the Roman Saturnalia. These were festivals dedicated to the god Saturn so that the Roman people, in general could celebrate the longer days that began to come after the winter solstice.

Source: Wikipedia