Some have applied this Psalm to Christ's ascension; but it speaks of his Second Coming. The Mighty One is seated peacefully on his throne. We are referred back to Psalm 45:9.
His happy people stand around, exulting in his coronation, as Israel rejoiced till earth rang again, when Athaliah, the usurper, was deposed, and the King of David's line was manifested after his long concealment. Then they clapped their hands (2 Kings 11:12) to show their rapturous joy, as here all earth is invited to do; for even woods and trees and rivers are elsewhere represented as joining in this ecstasy of bliss (Isaiah 40:12; Psalm 93:9), when our King sets the New Earth in its regenerated order.
Verses 2,3,4, show what the King has come to do, to choose the "excellency" of the excellent Land, "of Jacob." Resting over this blissful scene, the Psalmist inserts his "Selah" - a pause of meditation.
But verse 5 breaks the thoughtful silence with a shout to our Immanuel - for he it is who is celebrated as "God" -
"Sing praises to God!
Sing praises to our King!
For God is King over all the earth!
Sing praises with understanding.
God reigns over the nations!
God sits upon the throne of his holiness!"
Around our Incarnate God and King are gathered Israel's princes - 2princes of the God of Abraham" - Abraham's seed now receiving in full the blessings promised to their father, and all earth blessed in him.
Everywhere "the shields of earth," earth's princes, who once, like "the shields" mentioned in Hosea 4:18, instead of defending their people, robbed and preyed on them, now gather round our God to receive authority from him and to use it for him.
He is King of kings. He is Lord of lords. And this is the enthusiastic celebration of The Mighty One on the throne of earth.