Well, I really don't like the english name of this Lantern, coz the translation just didn't explain why there were elephants.
Let me try to translate it again...
If to translate it directly from Chinese to English, the name should be "Ten Thousand Elephants being renewed". Ok, so why "elephants"? It is because in Chinese, the word "elephants" pronounce very similar to the word "creation". So if we substitute "elephant" with "creation", then it will become "Ten Thousand Creation being renew"; "Ten Thousand" actually can be replaced by "All", so the name will become "All Creation being Renewed"