According to Elite Daily, “burning” has a double meaning in the song. “One can burn down a version of themselves and leave it behind as ash (which Suga says takes courage), or one can light up a version of themselves so it becomes as bright as the sun.”

The song discuss as well of the conflict with your past self as life changes by the time.
They want to “burn” their old self and old insecurities and bad memories in order to see what changed in their present self, or how much they have achieved by the time.

Another possible meaning “is to set fire to everyone in your life”.

The track contains lyricial references to Yoongi’s verse in “Outro: Tear”.