The only places in the Bible and the Book of Mormon where the name Lucifer is used are Isaiah 14:12 and 2 Nephi 24:12. In Doctrine and Covenants 76:25–28 we learn that Lucifer (which means “lightbearer”) was the premortal name of Satan. Because of his rebellion against God, he fell from his position of “authority in the presence of God” (verse 25) and “was called Perdition” (verse 26), which means “destruction.”
Isaiah used the story of Lucifer’s pride and his fall from heaven (see 2 Nephi 24:12–19) to typify the king of Babylon’s ambitions and eventual downfall (see verse 4).
Isaiah’s description of Babylon and her rulers are also a type and shadow of when Satan will be bound and will have no power over the nations during the Millennium. While he will be loosed for a little season after the Millennium, he will ultimately lose all power at the end of the earth’s mortal history. He and the sons of perdition will be relegated to “outer darkness.”
President Ezra Taft Benson (1899–1994) identified the principal flaw in Satan’s character that led to his fall from heaven:
“In the premortal council, it was pride that felled Lucifer, ‘a son of the morning’ (2 Nephi 24:12–15; see also D&C 76:25–27; Moses 4:3). …
“In the pre-earthly council, Lucifer placed his proposal in competition with the Father’s plan as advocated by Jesus Christ (see Moses 4:1–3). He wished to be honored above all others (see 2 Nephi 24:13). In short, his prideful desire was to dethrone God (see D&C 29:36; 76:28)” (in Conference Report, Apr. 1989, 3–4; or Ensign, May 1989, 4–5).