118:22-24 The psalmist seems to have been comparing himself to the stone that the builders (his adversaries) had rejected in view of the preceding context (cf. v. 18). The imagery is common. Whenever builders construct a stone building they discard many stones because they do not fit. The writer had felt discarded like one of these stones, but God had restored him to usefulness and given him a position of prominence in God's work. The "corner stone"(NASB) is more accurately the "capstone"(NIV). Only God could have done this (v. 23). The day of his restoration was obviously one God had brought to pass. Consequently the writer called on everyone to rejoice with him in it.
There are many New Testament references to the stone of verse 22. The Lord Jesus applied it to Himself (Matt. 21:42; Mark 12:10-11; Luke 20:17). Peter and Paul also applied it to Jesus (Acts 4:11; Eph. 2:20; 1 Pet. 2:7). God's amazing resurrection of His rejected Son to the place of supreme universal authority is marvelous to say the least. The day of His resurrection is the greatest day the Lord ever made. It is indeed the basis for the Christian's joy and rejoicing.195
118:25-29 The psalmist proceeded to pray for the salvation and prosperity of his people (vv. 25-26). The one who comes in the Lord's name refers to anyone who came to worship Yahweh at the temple. The psalmist and the people blessed such an one from the temple. The writer further glorified Yahweh as the giver of light to His people. The NIV of verse 27b gives a better rendering of the Hebrew text than the NASB. It reads, "With boughs in hand, join in the festal procession up to the horns of the altar."This probably refers to a custom at the Feast of Tabernacles. The people waved branches to honor the Lord. Verse 29 repeats verse 1.
The crowds who welcomed Jesus at His Triumphal Entry during Passover season repeated verses 25 and 26 (Matt. 21:9; Mark 11:9; Luke 19:38; John 12:13; cf. Matt. 23:39; Luke 13:35). "Hosanna"translates the Hebrew word for "save."The people believed He was the promised Messiah. They regarded this psalm as predicting the Messiah as is clear from their use of it at the Triumphal Entry. Evidently verse 27b, "with boughs in hand,"led the people to lay their boughs at the feet of Jesus' donkey (Matt. 21:8). It was most appropriate for the people to do what they did since Jesus was entering Jerusalem to provide salvation. Jesus' application of the stone reference to Himself after he entered Jerusalem at His Triumphal Entry was a clear claim to being the Messiah.
This psalm teaches us much about Messiah, but its primary significance as the Israelites used it originally was glorifying God for providing deliverance. This deliverance came after a period of apparent defeat. God had reversed an apparent disaster and brought great joy and victory out of it. We should praise Him, as the writer called on His hearers to do, whenever He does that for us.