The myrrh brought by the Wise Men to the newborn Jesus was likely meant to be used in anointing oils and was representative of the holy status of Jesus and the suffering he would face. Gold, frankincense and myrrh were common gifts to bestow upon kings.
The combination of gold, frankincense and myrrh was a standard gift to give to kings and deities during biblical times. King Seleucus II Callinicus, for example, offered these gifts to the god Apollo at the temple in Miletus during 243 B.C. Myrrh had many everyday uses and was an ingredient in both anointing oils and embalming fluids. Myrrh was also used as a perfume.