From the Website http://www.prophecyforum.com/revelation/millennium.html
Rev 20:1 And I saw an angel come down from heaven, having the key of the bottomless pit and a great chain in his hand.
Rev 20:2 And he laid hold on the dragon, that old serpent, which is the Devil, and Satan, and bound him a thousand years,
Rev 20:3 And cast him into the bottomless pit, and shut him up, and set a seal upon him, that he should deceive the nations no more, till the thousand years should be fulfilled: and after that he must be loosed a little season.
Rev 20:4 And I saw thrones, and they sat upon them, and judgment was given unto them: and I saw the souls of them that were beheaded for the witness of Jesus, and for the word of God, and which had not worshipped the beast, neither his image, neither had received his mark upon their foreheads, or in their hands; and they lived and reigned with Christ a thousand years.
Rev 20:5 But the rest of the dead lived not again until the thousand years were finished. This is the first resurrection.
Rev 20:6 Blessed and holy is he that hath part in the first resurrection: on such the second death hath no power, but they shall be priests of God and of Christ, and shall reign with him a thousand years.
Rev 20:7 And when the thousand years are expired, Satan shall be loosed out of his prison,
Rev 20:8 And shall go out to deceive the nations which are in the four quarters of the earth, Gog and Magog, to gather them together to battle: the number of whom is as the sand of the sea.
Rev 20:9 And they went up on the breadth of the earth, and compassed the camp of the saints about, and the beloved city: and fire came down from God out of heaven, and devoured them.
Rev 20:10 And the devil that deceived them was cast into the lake of fire and brimstone, where the beast and the false prophet are, and shall be tormented day and night for ever and ever.
The word "millennium" comes from the Latin mille and annus, meaning a thousand years. This is the doctrine known as chiliasm. There are three views concerning the millennium: first, there is premillennialism, the belief that Christ will return before the thousand years. Secondly, there is postmillennialism, which believes that Christ will return after a period of universal peace and righteousness. Thirdly, there is amillennialism, which denies a literal, earthly millennium. Although the word “millennium” is not stated in the Bible, the mention of one thousand years is revealed six times in Revelation 20:2-7.
The kingdom is the subject of most Old Testament prophecy. It will replace the ten-kingdom confederation that exists at the return of Christ. It will be a literal, earthly kingdom that will last for one thousand years. This will consummate the covenant that God made with David (2 Sam. 7:11-16). This future kingdom was announced to Mary by the angel Gabriel (Luke 1:32).
Several important facts concerning the character of the millennium: first, Christ will sit on the throne of His father David. This will be a literal, earthly reign characterized by universal peace (Ps. 72:7; Isa. 2:4) and universal righteousness (Isa. 11:4f; Jer. 23:5f.). Christ will rule with a rod of iron and Satan will be bound during this one thousand year period (Rev. 20:1-3).
The church will reign and rule with Christ and sit on His throne (Rev. 3:21). As individuals, believers will have responsibilities in the kingdom (Luke 19:16-19) and the Old Testament saints will also be involved in this reign.
Israel will be regathered (Ezek. 37:1-4). The establishment of the nation of Israel in 1948 was the precursor to this final regathering. Upon Christ’s return, Israel will repent and be converted in a day. Ephraim and Judah will be reunited as one nation (Isa. 11:13; Jer. 3:18; Ezek. 37:16-22). Temple worship will be restored (Ezek. 37:26-28; 40-46; Zech. 14:16f.) and the land divided amongst the twelve tribes. Last, Israel will evangelize the Gentiles during the kingdom age (Isa. 66:19; Zech. 8:13, 20-23).
After Christ judges the sheep and goat nations (Matt. 25:34-40), the sheep will enter the kingdom with restored and converted Israel. During the one thousand years, many will be born and will need salvation (Isa. 65:20; Jer. 30:20). Israel will evangelize these multitudes (Isa. 66:19; Zech. 8:13, 20-23; Acts 15:16f.). The Gentiles will go up to Jerusalem to worship and God’s people will be one (Isa. 19:23-25).
At the beginning of the millennium, Satan will be bound and cast into the abyss along with his evil minions (Rev. 20:1-3). During the one thousand year period, he will be powerless to deceive the nations and tempt individuals to sin. Individuals will still have a carnal nature as before, but the temptation to sin will be greatly reduced.
The millennium will be a time of regeneration (Matt. 19:28). Creation itself will be restored (Rom. 8:19-22). There will be great topographical changes (Isa. 35:1f.; 55:13; Zech. 14:4-10). The nature of wild animals will be altered (Isa. 11:6-9; 35:9; 65:25; Ezek. 34:25). Plant life will be blessed and the productivity of the land increased (Isa. 35:2). Mankind will live for long periods, although there will be death (Isa. 65:20).
This period will be a time of great joy and prosperity. The knowledge of the Lord will cover the earth as the waters cover the sea (Isa. 11:9). There will be no more war (Isa. 2:4) and friendly relations between men and nations will exist. Man’s headship will be restored (Gen. 1:28; Heb. 2:5-10).