Japanese songs are really full of bullshit, but Kalafina songs tend to have meaning related to the actual work. (I learned this painfully from subbing Kara no Kyokai.) The general theme of the song is about wishes (the contracts the girls make) so words that could/are related to that have been noted in {}s for reference.

いつか君が瞳に灯す愛の光が
時を超えて
滅び急ぐ世界の夢を
確かに一つ壊すだろう
The day shall come when the love that shines in your eyes
outlasts time itself
Crushing the single dream{yume} of a world
well on its way to destruction

- The singer = ???
- Bullshit Guess: Mami to Madoka. Mami seemed to be aware that Madoka would be a Super Powerful Magi and the lyrics seem to be implying that whoever the singer is addressing is someone who could potentially have great power.
- Other Bullshit Guess: Kyubey to Madoka, since Kyubey is also like "YEAH MADOKA WILL BE AN AWESOME MAGI!" (Okay, tbh, this seems more likely than the Mami guess. But would Kyubey really say love? www)
- The 3rd/4th lines could refer to the contracts. Since making the contract kinda implies short lifespan, the world being in for a quick death could refer to the girl, and the single dream could refer to the one wish you get for your contract.

躊躇いを飲み干して
君が望むモノは何？
こんな欲深い憧れの行方に
儚い明日はあるの？
You can ask for anything
What is it that you want?{nozomumono}
Is a bleak future what lies ahead
for those who'd do anything to get what they want?{akogare}

- The singer = Kyubey. On the 2nd line, the singer is asking here what the other person wishes for.
- The first line in Japanese is like "(you're) drained of hesitation" and it's connected w/the 2nd line. Because of how Kyubey constantly says, "I can make whatever come true", I've interpreted it more like "Hey the sky is the limit! / Wish for whatever the hell you want!" But it could be "No more hesitating seriously / Make a wish already dammit" addressing Madoka.
- Hakanai ashita brings to mind images of the girls he makes contracts with not living very long. Mami also ranted about how being a Magi sucks.
- Yokubukai akogare, more like obsession? But I don't think any of the characters have quite been defined as obsessive yet.

子供の頃夢に見てた　
古の魔法のように
闇さえ砕く力で
微笑む君に会いたい
怯えるこの手の中には
手折られた花の勇気
想いだけが頼る全て
光を呼び覚ます　
願い
I long to see you,
whose smile can shatter even the darkness
It reminds me of the ancient magic
that I dreamt of when I was but a child
Flowers forcefully taken from their earthly bonds
bring courage to my trembling hands
Everything depends on how I feel
My wish{negai} is to bring forth
the light

- The singer = Madoka, since everything rests on ~omoi~.
- There's no actual pronouns on any of the lines lololol so it could be like more than that.
- Lines 5/6: The image I have in my head is the flowers represent the "Muggles" in Madoka's life, like her family and Hitomi, and how they influence her.
- Line 7: How the singer feels about becoming a Magi, I guess.
- Lines 8/9: There's a witch on the Madoka website (Suleika) related to darkness said to be afraid of the lights of the modern world and only comes out when it's dark out. Soooo I tailored this line to be like, Madoka wishes for light so they can get rid of Suleika.
- The last line is weird because it's just a random ~negai~ that seems completely unconnected to fucking anything. I bullshit combined it with the 8th line.
tl;dr = madoka uses her wish to bring happiness to the world after everyone has died

[kanji]
いつか君が瞳に灯す愛の光が
時を超えて
滅び急ぐ世界の夢を
確かに一つ壊すだろう

躊躇いを飲み干して
君が望むモノは何？
こんな欲深い憧れの行方に
儚い明日はあるの？

子供の頃夢に見てた
古の魔法のように
闇さえ砕く力で
微笑む君に会いたい
怯えるこの手の中には
手折られた花の勇気
想いだけが頼る全て
光を呼び覚ます
願い

いつか君も誰かの為に
強い力を望むのだろう
愛が胸を捉えた夜に
未知の言葉が生まれて来る

迷わずに行けるなら
心が砕けてもいいわ
いつも目の前の哀しみに
立ち向かう為の
呪文が欲しい

君はまだ夢見る記憶
私は眠らない明日
二人が出会う奇跡を
勝ち取る為に進むわ
怯えるこの手の中には
手折られた花の刃
想いだけが生きる全て
心に振りかざす
願い

囚われた太陽の輝く
不思議の国の本が好きだった頃
願いはきっと叶うと
教えるお伽噺を
信じた

静かに咲き乱れていた
古の魔法優しく
世界を変える力が
その手にあると囁く
終わらない夢を見よう
君と行く時の中で
想いだけが生きる全て
命を作るのは
願い

[romaji]
itsuka kimi ga hitomi ni tomosu ai no hikari ga
toki wo koete
horobi isogu sekai no yume wo
tashikani hitotsu kowasu darou

tamerai wo nomihoshite
kimi ga nozomu mono ha nani?
konna yokubukai akogare no yukue ni
hakanai ashita ha aru no?

kodomo no koro yume ni miteta
inishie no mahou no you ni
yami sae kudaku chikara de
hohoemu kimi ni aitai
obieru kono te no naka ni ha
taorareta hana no yuuki
omoi dake ga tayoru subete
hikari wo yobisamasu
negai

itsuka kimi mo dareka no tame ni
tsuyoi chikara wo nozomu no darou
ai ga mune wo toraeta yoru ni
michi no kotoba ga umarete kuru

mayowazu ni yukeru nara
kokoro ga kudakete mo ii wa
itsumo me no mae no kanashimi ni
tachimukau tame no
jumon ga hoshii

kimi ha mada yumemiru kioku
watashi ha nemuranai ashita
futari ga deau kiseki wo
kachitoru tame ni susumu wa
obeiru kono te no naka ni ha
taorareta hana no yaiba
omoi dake ga ikiru subete
kokoro ni furikazasu
negai

torawareta taiyou no kagayaku
fushigi no kuni no hon ga suki datta goro
negai ha kitto kanau to
oshieru otogibanashi wo
shinjita

shizuka ni sakimidareteita
inishie no mahou yasashiku
sekai wo kaeru chikara ga
sono te ni aru to sasayaku
owaranai yume wo miyou
kimi to yuku toki no naka de
omoi dake ga ikiru subete
inochi wo tsukuru no ha
negai

[translation]
The light of love that shines in your eyes someday
Will transcend time
It will most likely destroy
A dream of a quickly collapsing world

By killing your hesitation
What is it that you wish for?
Will there be a clueless tomorrow
In the future of such a greedy aspiration?

With the power that will even shatter darkness
Like an ancient magic
That I dreamed of when I was a child
I want to meet the smiling you
In my shivering hand
Is the courage of breaking flowers
All I depend on is my wish
The wish of awakening the light

I bet you will also desire for strong power
For someone's sake one day
At the night when your heart is grasped by love
Unknown words will be born

It is fine for my heart to be shattered into pieces
If I can move forward without hestitation
I want a spell to let me face
The sadness that is
Always right in front of me

The memory you see in your dream again
Is my sleepless tomorrow
I move forward in order to achieve the miracle
Of the two of us meeting each other
In my shivering hand
Is the sword of breaking flowers
All I live on is my wish
The wish of waving the sword over my heart

When I liked the book of wonderland
Glitted by the captured sun
I believed in the fairy tale I was told
That wishes would definitely come true

The kind ancient magic
Has quietly filled the place
I murmur that the power of changing the world
Is in your hand
Let's have an endless dream
During the time when I walk with you
All I live on is my wish
The wish of creating lives

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