Praise the Lord, for the Lord is good - See Psalm 107:1.
Sing praises unto his name, for it is pleasant - See Psalm 33:1; Psalm 92:1. The idea here is, that it is a source of happiness, and that it is proper in itself.

The Lord is good - Here is the first reason why he should be praised; and a second is subjoined:
For it is pleasant - It is becoming to acknowledge this infinite Being, and our dependence on him; and it is truly comfortable to an upright mind to be thus employed.

Praise ye the Lord, for the Lord is good,.... Essentially and communicatively; he is good, and he does good, in a providential way, to all men; and in a way of special grace to his own people; for whom he has laid up and to whom he has promised good things, and on whom he bestows them; as pardon, righteousness, and eternal life; both grace and glory; and therefore they should praise him;
sing praises unto his name, for it is pleasant; either the work of singing praise is pleasant, being the employment of angels and glorified saints; the subject matter of it delightful, the blessings of grace flowing from the everlasting love of God it leads unto, which is excellent and better than life; and it must be pleasant work to a saint, because it is pleasing to God; and especially when the presence of God is enjoyed in it, and melody is made in the heart as well as with the mouth. Or the sense is, "his name is pleasant"; so Aben Ezra and Kimchi interpret it: for though it is holy and reverend in itself, and fearful and terrible to sinners; yet as it is proclaimed in Christ, it is exceeding delightful, and in whom all the perfections of God are glorified; particularly the name of God, as a covenant God and Father in Christ, blessing, with all spiritual blessings in him, is exceeding pleasant; as are all the names of Christ, and therefore to be praised.