The interpretation of the thousand years (Millennium) described in Revelation 20 has caused much debate in the church. Biblical scholar George Elton Ladd, in A Commentary on the Revelation of John, walks us through the three most popular views on the Millennium.
Postmillennialism means that the return of Christ would not occur until the Kingdom of God had been established by the church in human history. In this view, chapter 19 does not describe the coming of Christ but is a very symbolic way of describing the triumph of Christian principles in human affairs and the triumph of Christ through his church. After this ‘golden age,’ Christ will return to raise the dead, judge the world, and inaugurate the new eternal order.
Amillennialism is the term used to describe the view of those who do not look for a millennial reign of Christ either before or after his second coming. This way of interpreting Rev. 20 involves the principle of recapitulation, viz., that the structure of Revelation does not relate consecutive events but frequently covers the same ground from different perspectives.
Interpreters of this viewpoint often identify the binding of Satan and his incarceration in the abyss with the victory over Satan accomplished by our Lord in his earthly ministry. It is clear that the gospels do represent Jesus as having bound Satan (Matt. 12:29) and toppled him from his place of power (Luke 10:18); and this victory over Satan is reflected in the Revelation (see note on 12:9); it is an open question as to whether the binding of Satan in Rev. 20 is the same as that in Matt. 12 or is an eschatological event.
Amillennialists usually understand the ‘first resurrection’ in one of two different ways. Some see here the resurrection unto eternal life, which is an altogether spiritual reality that occurs for each believer when he becomes a Christian (John 5:25; Eph. 2:5–6). The reign of Christ with his saints is either the reign of Christ manifested in history through his church, or the spiritual reign of believers with Christ ‘in the heavenly places’ (Eph. 2:6). The thousand-year period is no literal piece of history; it is a symbolic number coextensive with the history of the church on earth between the resurrection of Christ and his return.
A different amillennial interpretation understands the resurrection and reign of the saints with Christ to represent the destiny of the martyrs. Though they were slain, the martyrs did not really die. In fact, they lived and reigned with Christ in heaven. The ‘millennium’ is the church age when martyred saints reign with Christ in heaven, awaiting the resurrection.
Premillennialism is the view that Rev. 20 is altogether eschatological. The coming of Christ will be followed by a binding of Satan and the resurrection of the saints who will join him in a temporal kingdom when he reigns over the earth. This millennial kingdom will end with a final rebellion and the last judgment.
A variant form of premillennialism is Dispensationalism, which sees the millennial kingdom primarily in terms of God’s theocratic promises to Israel. The entire book of Revelation is interpreted in terms of these dispensational presuppositions and is concerned with the fate of restored Israel in the last days and not with the church. In many circles the only form of premillennialism known is Dispensationalism.