The prophet acknowledged that he had received the Lord's revelation (cf. 2:1). It was essentially a revelation of Yahweh, His justice, sovereignty, and power, and it had filled him with awe. Reception of divine revelation resulted in the fear of the Lord.
Habakkuk called on God to stir up the work that He said He would do in judging Babylon. He asked God to make it known to His people "in the midst of the years,"namely, the years between Judah's judgment and Babylon's (cf. 2:6-20). God undoubtedly did this in part through the Book of Habakkuk. While God was preparing Babylon for His wrath, Habakkuk asked Him to remember Israel by extending mercy to her. This verse contains the only three petitions in Habakkuk's prayer: that God would preserve life, provide understanding, and remember mercy.