A common misconception is that Baphomet the horned one represents Satan - WRONG. Baphomet is in fact a pagan god of fertility and was a tool utilised by the Church by taking the concept of Baphomet that is the horns, goat head, wings etc and transformed it into Satan in an attempt to abolish the growing pagan religion.
In the 19th century Eliphas Levi published Dogme et Rituel de la Haute Magie ("Dogmas and Rituals of High Magic"), in which he included an image (above) he had drawn himself which he described as Baphomet and "The Sabbatic Goat", showing a winged humanoid goat with a pair of breasts and a torch on its head between its horns.
"The goat on the frontispiece carries the sign of the pentagram on the forehead, with one point at the top, a symbol of light, his two hands forming the sign of occultism, the one pointing up to the white moon of Chesed, the other pointing down to the black one of Geburah. This sign expresses the perfect harmony of mercy with justice. His one arm is female, the other male like the ones of the androgyne of Khunrath, the attributes of which we had to unite with those of our goat because he is one and the same symbol. The flame of intelligence shining between his horns is the magic light of the universal balance, the image of the soul elevated above matter, as the flame, whilst being tied to matter, shines above it. The beast's head expresses the horror of the sinner, whose materially acting, solely responsible part has to bear the punishment exclusively; because the soul is insensitive according to its nature and can only suffer when it materializes. The rod standing instead of genitals symbolizes eternal life, the body covered with scales the water, the semi-circle above it the atmosphere, the feathers following above the volatile. Humanity is represented by the two breasts and the androgyne arms of this sphinx of the occult sciences." - Levi
So when looking at the true origins of Baphomet we can see that no he is not Satan, the devil or Lucifer, though this connotation and association with dark magic, Thelema, Satanism etc has been largely influenced by Aleister Crowley :
In Magick (Book 4), Crowley asserted that Baphomet was a divine androgyne and "the hieroglyph of arcane perfection":
"The Devil does not exist. It is a false name invented by the Black Brothers to imply a Unity in their ignorant muddle of dispersions. A devil who had unity would be a God... 'The Devil' is, historically, the God of any people that one personally dislikes... This serpent, SATAN, is not the enemy of Man, but He who made Gods of our race, knowing Good and Evil; He bade 'Know Thyself!' and taught Initiation. He is 'The Devil' of the Book of Thoth, and His emblem is BAPHOMET, the Androgyne who is the hieroglyph of arcane perfection... He is therefore Life, and Love. But moreover his letter is ayin, the Eye, so that he is Light; and his Zodiacal image is Capricornus, that leaping goat whose attribute is Liberty"