Main point summary:
Rejoice in God (1:46-47) because of what He's done (1:48) and because of who He is (1:49-55).
And Mary said, y “My z soul a magnifies the Lord,
Καὶ εἶπεν Μαριάμ• Μεγαλύνει ἡ ψυχή μου τὸν κύριον,
Mary glorifies the Lord.
b and my z spirit rejoices in c God my Savior,
καὶ ἠγαλλίασεν τὸ πνεῦμά μου ἐπὶ τῷ θεῷ τῷ σωτῆρί μου,
Mary enjoys God her Savior. "Only sinners need a Saviour." -Henry Alford. God is the source of Mary's joy. God is the substance of Mary's song.
for d he has looked on the humble estate of his servant.
ὅτι ἐπέβλεψεν ἐπὶ τὴν ταπείνωσιν τῆς δούλης αὐτοῦ.
The first ground (ὅτι) of Mary's rejoicing. Mary rejoices in God because of what He has done.
For behold, from now on all generations e will call me blessed;
ἰδοὺ γὰρ ἀπὸ τοῦ νῦν μακαριοῦσίν με πᾶσαι αἱ γενεαί,
Explanatory. All generations will acknowledge the blessing of Mary because God chose her to bear the Son of God in His incarnation.
for f he who is mighty g has done great things for me,
ὅτι ἐποίησέν μοι μεγάλα ὁ δυνατός.
The second ground (ὅτι) of Mary's rejoicing. Mary rejoices in God because of who He is. First, God is mighty!
and h holy is his name.
καὶ ἅγιον τὸ ὄνομα αὐτοῦ,
Second, God is holy!
And i his mercy is for those who fear him from generation to generation.
καὶ τὸ ἔλεος αὐτοῦ εἰς γενεὰς καὶ γενεὰς τοῖς φοβουμένοις αὐτόν.
Third, God is merciful! App .: Do you fear God? God is merciful to all who fear Him.
j He has shown strength with his arm;
Ἐποίησεν κράτος ἐν βραχίονι αὐτοῦ,
Explanatory. Verses 51-55 explain how God's might, holiness, and mercy has been displayed from generation to generation.
k he has scattered the proud in the thoughts of their hearts;
διεσκόρπισεν ὑπερηφάνους διανοίᾳ καρδίας αὐτῶν•
j he has brought down the mighty from their thrones
καθεῖλεν δυνάστας ἀπὸ θρόνων
l and exalted those of humble estate;
καὶ ὕψωσεν ταπεινούς,
he has filled m the hungry with good things,
πεινῶντας ἐνέπλησεν ἀγαθῶν
and the rich n he has sent away empty.
καὶ πλουτοῦντας ἐξαπέστειλεν κενούς.
He has o helped p his servant Israel,
ἀντελάβετο Ἰσραὴλ παιδὸς αὐτοῦ,
God mercifully helped "Israel, His child / παιδὸς".
q in remembrance of his mercy ,
The ground of God's help on behalf His people is His mercy. Or “because he remembered mercy" or "so as to remember," understanding the infinitive as causal.
r as he spoke to our fathers, q to Abraham and to his offspring forever.”
καθὼς ἐλάλησεν πρὸς τοὺς πατέρας ἡμῶν, τῷ Ἀβραὰμ καὶ τῷ σπέρματι αὐτοῦ εἰς τὸν αἰῶνα.
Jesus Christ, the son of God, the son of Mary, is the promised seed of Abraham. Through Him all the nations shall be blessed according to God's promise.
46 Mary said, ‘My heart declares that the Lord is great, 47 My spirit exults in my saviour, my God. 48 He saw his servant-girl in her humility; From now, I’ll be blessed by all peoples to come. 49 The Powerful One, whose name is Holy, Has done great things for me, for me. 50 His mercy extends from father to son, From mother to daughter for those who fear him. 51 Powerful things he has done with his arm: He routed the arrogant through their own cunning. 52 Down from their thrones he hurled the rulers, Up from the earth he raised the humble. 53 The hungry he filled with the fat of the land, But the rich he sent off with nothing to eat. 54 He has rescued his servant, Israel his child, Because he remembered his mercy of old, 55 Just as he said to our long-ago ancestors— Abraham and his descendants for ever.’