David begins by speaking to himself: bless the Lord, O my soul, and forget none of his benefits. He lists them: the Lord forgives all your iniquity, heals all your diseases, redeems your life from the pit, crowns you with steadfast love and mercy, and satisfies you with good so that your youth is renewed like the eagle's.
Then he moves from the personal to the communal. The Lord works righteousness and justice for all who are oppressed and made known his ways to Moses and his acts to the people of Israel. Here is the central description of God: merciful and gracious, slow to anger and abounding in steadfast love. He will not always accuse nor keep his anger forever; he does not deal with us according to our sins. As high as the heavens are above the earth, so great is his steadfast love toward those who fear him; as far as the east is from the west, so far does he remove our transgressions from us. As a father shows compassion to his children, so the Lord shows compassion to those who fear him, for he knows our frame and remembers that we are dust.
Human life is like grass, it flourishes like a flower of the field, the wind passes over it and it is gone. But the steadfast love of the Lord is from everlasting to everlasting on those who fear him, and his righteousness to children's children. His throne is established in the heavens and his kingdom rules over all. The psalm ends by calling the angels, the heavenly hosts and all his works to bless him, and once more his own soul.