I will celebrate the name of God in a song. The Psalmist now elevated with joy, and sustained by the confident hope of deliverance, sings the triumphant strains of victory. This psalm, there is every reason to believe, was composed after he had been delivered from all apprehension of dangers; but there can be no doubt that the very topics with which it concludes were the matter of his meditation, when trembling with anxiety in the midst of his troubles; for he laid hold upon the grace of God by assured faith, although that grace was then hidden from him, and only the matter of his hope. God is here said to be magnified by our praises; not because any addition can be made to his dignity and glory, which are infinite, but because by our praises his name is exalted among men.

I will praise the name of God with a song - As the result of my deliverance, I will "compose" a song or a psalm especially adapted to the occasion, and suited to express and perpetuate my feelings. It was in such circumstances that a large part of the psalms were composed; and since others besides the psalmist are often in such circumstances, the Book of Psalm becomes permanently useful in the church. It is not always necessary now to "compose" a song or hymn to express our feelings in the circumstances in which we are placed in life - for we may commonly find such sacred songs ready at our hand; yet no one can doubt the propriety of adding to the number of such by those who can do it, or of increasing the compositions for praise in the church in view of the ever-varied experience of the children of God.
And will magnify him - Will exalt his name; will endeavor to make it "seem" greater; or, will spread it further abroad.
With thanksgiving - I will use expressions of thanks to make his name more widely known.

I will praise the name of God with a song,.... The "name" of God is himself, his perfections and attributes; which are to be "praised" by all his creatures, and especially his saints; and here by the Messiah, who sung the praise of God with his disciples at the supper, a little before his death; and in the great congregation in heaven, upon his ascension thither, having finished the great work of man's redemption. For as it was no lessening of his glory, as Mediator, to pray to God when on earth, it is no diminution of it to praise him in our nature in heaven; see Psalm 22:22. This being said to be done with a song agrees with Hebrews 2:12; and is an instance of praising God this way, and which could not be prayer wise; as well as is a confirmation of the practice of New Testament churches, singing psalms, hymns, and spiritual songs, by the example of our Lord;
and will magnify him with thanksgiving: to "magnify" is to make great; but God cannot be greater than he is. He is great above all gods; he is greater than all. But he is magnified when his greatness is owned and declared, and that is ascribed unto him; and particularly when "thanks" are given to him for favours; for then is he acknowledged by men to be the Father of mercies, the author and giver of them; and that they are unworthy of them, and that all the glory belongs to him. Christ, as man, not only prayed, but gave thanks to his Father when on earth, Matthew 11:25; nor is it unsuitable to him, as such now in heaven, to give thanks and praise for being heard and helped in a day of salvation; or at the time when he wrought out the salvation of his people, and glorified all the divine perfections.

The psalmist concludes the psalm with holy joy and praise, which he began with complaints of his grief. It is a great comfort to us, that humble and thankful praises are more pleasing to God than the most costly, pompous sacrifices. The humble shall look to him, and be glad; those that seek him through Christ shall live and be comforted. God will do great things for the gospel church, in which let all who wish well to it rejoice. A seed shall serve him on earth, and his servants shall inherit his heavenly kingdom. Those that love his name shall dwell before him for ever. He that spared not his own Son, but delivered him up for us all, how shall he not with him also freely give us all things? Arise, thou great Restorer of the ancient places to dwell in, and turn away ungodliness from thy people.

Spiritual are better than mere material offerings (Psalm 40:6; Psalm 50:8); hence a promise of the former, and rather contemptuous terms are used of the latter.