Many of Jesus' actions and words at the Last Supper, such as the breaking of bread, and distributing of the bread, were part of the prescribed Passover ritual. But when Jesus said, "This is My body' and "This is my blood" while distributing the bread and the cup, He did something totally new. These words, which were intended for our blessing, have been the focus of sharp disagreement among Christians for centuries. In what sense are the bread and wine Christ's body and blood? What should the Lord's supper mean to us? The answers to these questions are often grouped into four categories, although there are variations within these four broad views.
(Note: the italics are quotes from Nelson's Bible Dictionary)