What does Psalm 124:3 mean?

In this passage, the psalmist demands that Israel acknowledge their dependence on God. Without His aid (Psalm 124:1–2) the people would have been destroyed. Here, the imagery is of being swallowed: another suggestion of being overwhelmed by power.

Israel's history demonstrates both sides of these statements. Israel was often subject to attack by more powerful nations, yet the Lord kept them from being entirely destroyed. He rescued Israel from Egypt (Exodus 12:41), gave them strength against enemies in Canaan (Deuteronomy 4:37–38), and protected them from assaults (2 Samuel 10:6) and invasions (2 Kings 19:32–36). Even when He allowed them to be conquered by Babylon (2 Chronicles 36:17–21), He preserved the nation and restored them to their homeland (Ezra 2:1).

Later, the psalm will compare these enemies to a powerful flood (Psalm 124:4–5). Jeremiah the prophet predicts a future invasion of Israel from the north, comparing it to an overflowing flood (Jeremiah 47:1–4). Revelation also uses this imagery to describe Satan's attack on Israel (Revelation 12:15).