This is an achievement quest. Once your character reaches a certain level (in this case, Five Dragons 12 or level 72) you will receive it
Accepting the quest
You are not required to kill any mobs or perform any tasks for the quest. All you need to do is meet with the correct NPC. For White Clans, the NPC's name is xxx (in Jinan). For Black Clans, go find Shen Lihua (Datong).
You will receive a Red Phoenix Jade. This goes into an empty slot next to your wardrobe. According to the description:
Maximum life +250, maximum Vital Energy +250 for 1 day. (Cannot be equipped multiple times.)
This item will expire 24 hours from the time you confirm the quest and accept the item.