"The LORD reigns; let the earth rejoice; let the multitude of isles be glad thereof.” (v.1)
"The Lord reigns." This is the watchword of the Psalm - Jehovah reigns. It is also the essence of the gospel proclamation, and the foundation of the gospel kingdom. Jesus has come, and all power is given unto Him in heaven and in earth. Therefore, all men are called here to yield to Him their obedient faith, to rejoice, and be glad, for His kingdom is the hope of mankind.
"Let the multitude of isles be glad thereof." To the ancient Israelites all places beyond the seas were isles, and the phrase is equivalent to all lands which are reached by ships. Scripture records that the Gospel was sent very early to the isles of, Cyprus and Crete (Acts 13:4). Eventually spreading to the northern isles (Great Britain and Ireland), and even across the Atlantic to our own favoured land as well.
“Let the earth rejoice”, that God is holy; that He does not behold iniquity; that there is One eternally pure who presides over the universe; that there is One who will always do what is right; that such a Being is our God; that we may look to Him, trust in Him, and enjoy His reign. -Barnes' notes.
Simply put, all the earth has cause to rejoice. For the gospel will not only be preached in Judea, but through all isles, and to all nations. Hallelujah!
The Truth: "And I heard a sound like the roar of a great multitude, like the rushing of many waters, and like a mighty rumbling of thunder, crying out: "Hallelujah! For our Lord God, the Almighty, reigns.” (Revelation 19:6)