"Long live the King!" refers to the heir who immediately succeeds to a throne upon the death of the preceding monarch. Meaning the monarchy never dies even when the King does.

Long Live: To live on forever even if a soul has moved on.
"The King is Dead! Long live the King!.. The throne shall never be empty; the country shall never be without a monarch."
by CarissaXtina February 18, 2012
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The phrase Scar says before he yeets his brother into the pit of death and traumatizing kids
by TortieHasOccurred July 16, 2019
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