What does Psalm chapter 124 mean?

Israelites would "ascend" up the hills towards Jerusalem on Mount Zion (2 Samuel 5:7; 1 Kings 8:1). The fifteen psalms (Psalm 120—134) associated with those yearly journeys (Deuteronomy 16:16) are each called "a song of ascents." Depending on when they were composed, authorship is uncertain. Some psalms are labeled "of David" as a reference to style, not direct authorship (Psalm 86:1). If that is the case here, then many of the references may relate to Israel's exile and return (2 Chronicles 36:17–21; Ezra 2:1).

The psalmist's first priority is for Israel to recognize their dependence on the Lord. Over and over, the nation's history showed them overcoming much larger and more powerful enemies through God's power (Exodus 12:41; Deuteronomy 4:37–38; 7:7; 2 Kings 19:32–36). This was crucial for Israel's survival when faced with numerous hostile nations (2 Samuel 10:6; Numbers 21:21–24; Nehemiah 4:1–4). Without Him, they would be lost (Psalm 124:1–2).

Were the Lord not working on Israel's behalf, they would have been swept away. The psalmist compares these dangers to a flood: the ultimate symbol of overwhelming force. Without God's protection and provision, the nation would be erased completely. Instead, they survived (Psalm 124:3–5).

Since God chose to protect Israel, it is right to offer Him worship. The Lord who could have let Israel be torn apart like prey or caught like a bird in a net chose mercy. By relying on the power of the Creator, we access the greatest possible "help" to be had (Psalm 124:6–8).