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The Oedipus myth is foundational to depth psychology due to Freud's use of Sophocles' play Oedipus Rex in the creation of psychoanalysis. But analytical psychology's engagement with the myth has been limited despite the importance Jung also places upon it. The absence of a developed Jungian response to Oedipus means the myth's psychologically constructive elements have been overlooked in favour of reductive Freudian interpretations. I examine whether analytical psychology can fruitfully re-engage with Oedipus by reinterpreting his story as a paternal rebirth. This is achieved by reincorporating those parts of the myth that occur before and after the period portrayed in Oedipus Rex. Such a move reintegrates Oedipus' father, King Laius, into the story and unveils important parallels with the alchemical trope of the king's renewal by his son. Using Jung's method of amplification, Oedipus is recast as Laius' redeemer and identified with the archetype of psychological wholeness, the Self. The contention is that such an understanding of Oedipus supports a clearer recognition of the potentially generative quality of human suffering, restoring to the myth the quality of moral instruction it possessed in antiquity.