The speaker is looking at a woman, the "broken princess" of the title, and seeing something playful and risky in her gaze. Her eyes hold "innocent demons," a pairing that sets the tone: they are mischievous rather than evil, but still dangerous. They "recklessly play with matches," like children who don't understand what a fire can do.
The last two lines shift from description to confession. The speaker admits he has never seen sparks so pretty. That reaction is the unsettling part. He knows she is damaged, and the matches suggest harm could follow, yet he is drawn in and delighted rather than alarmed. The word "broken" hints that her wildness may come from pain, though the poem never says so outright.
The mood is a mix of fascination and unease. It's soft and admiring on the surface, but the image of fire hovers underneath. The poem leaves us wondering whether the speaker is simply captivated or is ignoring a warning he should heed.