The New Covenant
Jeremiah 31:31 Behold, the days come, saith the Lord, That I will make a new covenant
With the house of Israel, and with the house of Judah:
32 Not according to the covenant that I made with their fathers In the day that I took them by the hand To bring them out of the land of Egypt; Which my covenant they brake, Although I was an husband unto them, saith the Lord: 33 But this shall be the covenant that I will
make with the house of Israel;
After those days, saith the Lord, I will put my law in their inward parts, And write it in their hearts; And will be their God, And they shall be my people. 34 And they shall teach no more every man his neighbour, and every man his brother, saying, Know the Lord: For they shall all know me, From the least of them unto the greatest of them, saith the Lord: For I will forgive their iniquity, And I will remember their sin no more.
The following provisions for Israel, the people of the new covenant, to be fulfilled in the millennium, the period of the new covenant, are found in the Old Testament.
(1) The new covenant is an unconditional, grace covenant resting on the “I will” of God. The frequency of the use of the phrase in Jeremiah 31:31-34 is striking. Cf. Ezekiel 16:60-62.
(2) The new covenant is an everlasting covenant. This is closely related to the fact that it is unconditional and made in grace…(Isa. 61:2, cf. Ezek. 37:26; Jer. 31:35-37).
(3) The new covenant also promises the impartation of a renewed mind and heart which we may call regeneration…(Jer. 31:33, cf. Isa. 59:21).
(4) The new covenant provides for restoration to the favor and blessing of God…(Hos. 2:19-20, cf. Isa. 61:9).
(5) Forgiveness of sin is also included in the covenant, “for I will remove their iniquity, and I will remember their sin no more” (Jer. 31:34b).
(6) The indwelling of the Holy Spirit is also included. This is seen by comparing Jeremiah 31:33 with Ezekiel 36:27.
(7) The teaching ministry of the Holy Spirit will be manifested, and the will of God will be known by obedient hearts…(Jer. 31:34).
(8) As is always the case when Israel is in the land, she will be blessed materially in accordance with the provisions of the new covenant…Jeremiah 32:41;…Isaiah 61:8…Ezekiel 34:25-27.
(9) The sanctuary will be rebuilt in Jerusalem, for it is written “I…will set my sanctuary in the midst of them for evermore. My tabernacle also shall be with them” (Ezek. 37:26-27a).
(10) War shall cease and peace shall reign according to Hosea 2:18. The fact that this is also a definite characteristic of the millennium (Isa. 2:4) further supports the fact that the new covenant is millennial in its fulfillment.
(11) The blood of the Lord Jesus Christ is the foundation of all the blessings of the new covenant, for “by the blood of thy covenant I have sent forth thy prisoners out of the pit wherein is no water” (Zech. 9:11).
By way of summary, it may be said that as far as the Old Testament teaching on the new covenant is concerned, the covenant was made with the Jewish people. Its period of fulfillment is yet future beginning when the Deliverer shall come and continuing throughout all eternity. Its provisions for the nation Israel are glorious, and they all rest and depend on the very Word of God
Dwight Pentecost, Things to Come