We present new, deep observations of the Phoenix cluster from the Chandra X-ray Observatory, the Hubble Space Telescope, and the Karl Jansky Very Large Array. These data provide an order of magnitude improvement in depth and/or angular resolution at X-ray, optical, and radio wavelengths, yielding an unprecedented view of the core of the Phoenix cluster. We find that the one-dimensional temperature and entropy profiles are consistent with expectations for pure-cooling hydrodynamic simulations and analytic descriptions of homogeneous, steady-state cooling flow models. In particular, the entropy profile is well-fit by a single power law at all radii, with no evidence for excess entropy in the core. In the inner ∼10 kpc, the cooling time is shorter by an order of magnitude than any other known cluster, while the ratio of the cooling time to freefall time (t cool /t f f ) approaches unity, signaling that the ICM is unable to resist multiphase condensation on kpc scales. When we consider the thermodynamic profiles in two dimensions, we find that the cooling is highly asymmetric. The bulk of the cooling in the inner ∼20 kpc is confined to a low-entropy filament extending northward from the central galaxy, with t cool /t f f ∼ 1 over the length of the filament. This northern filament is significantly absorbed, suggesting the presence of ∼10 10 M in cool gas that is absorbing soft X-rays. We detect a substantial reservoir of cool (∼10 4 K) gas (as traced by the [O ii]λλ3726,3729 doublet), which is coincident with the low-entropy filament. The bulk of this cool gas is draped around and behind a pair of X-ray cavities, presumably bubbles that have been inflated by radio jets, which are detected for the first time on kpc scales. These data support a picture in which AGN feedback is promoting the formation of a multiphase medium via a combination of ordered buoyant uplift and locally enhanced turbulence. These processes ought to counteract the tendency for buoyancy to suppress condensation, leading to rapid cooling along the jet axis. The recent mechanical outburst has sufficient energy to offset cooling, and appears to be coupling to the ICM via a cocoon shock, raising the entropy in the direction orthogonal to the radio jets.