Jeremiah’s prophecy in vv. 31-34 concerning the new covenant was quoted by the apostle Paul in Heb. 8:8-12 and was applied to the New Testament believers. Thus, the new covenant with its privileges and blessings is for the New Testament believers to enjoy in the present age. Israel’s participation in the new covenant will be in the millennium, in the coming age of restoration (Matt. 19:28), in which Christ will be Israel’s righteousness, redemption, and life and will be exalted to be their centrality and universality. Eventually, through the new covenant God will make the believers and Israel a new creation (2 Cor. 5:17; Gal. 6:15), which will ultimately consummate in the New Jerusalem in the new heaven and new earth for eternity (Rev. 21:1-3).
