Sing forth the honor of his name - That is, Celebrate in appropriate praise the honor due to his name. Make that honor known in connection with songs.
Make his praise glorious - literally, "place honor, his praise;" that is, Give him honor; give him praise. The meaning is, Set forth his praise with songs - with music - with shouts; - that will be the appropriate expression of the praise which is due to him.

The honor of his name - Let his glorious and merciful acts be the subject of your songs.

Sing forth the honour of his name,.... Meaning not any particular names of the Messiah, such as in Isaiah 9:6; or his name "Jesus", a Saviour; though they are all honourable and glorious, and furnish out sufficient matter for a song: but rather that by which he was made known to the sons of men, his Gospel; see Acts 9:15. Which is a glorious Gospel; the truths of which may be expressed in a song of praise, to the honour and glory of Christ, and to the instruction and profit of men, Colossians 3:16. Or rather Christ himself is meant; his name often designs himself, Matthew 12:21. There that is due unto him, and ought to be given which is done when all divine perfections and works are ascribed to him, divine worship is paid him, and the glory of salvation given him; which may be done in psalms, hymns, and spiritual songs;
make his praise glorious: let the high praises of him be in your mouths; give him, the most excellent praise; praise him in the best manner. This is done when we sing his praise with grace in our hears in exercise; when we with one mind and mouth glorify him; and when we honour him, the Son, as we honour the Father.

his name--as in Psalm 29:2.
make his praise glorious--literally, "place honor, His praise," or, "as to His praise"; that is, let His praise be such as will glorify Him, or, be honorable to Him.