The album title means that Asia "has risen from the ashes" like a phoenix and made the first studio album with their original line-up in 25 years. The cover artwork, commissioned to Roger Dean, features an illustration of a phoenix in front of the band's logo on a black background.
Phoenix debuted at No. 73 in the US on the Billboard 200 and Top Internet Albums charts. This is the first time since 1985's Astra that a studio album by Asia charted on the Billboard 200. Taking into consideration the style of music and the age of the band as well as how many decades they had been out of the mainstream limelight, this is an achievement. Phoenix reached No. 166 in the UK Albums Chart and No. 10 in the UK Indie Chart.