“Psalm 118:17 was the verse that Martin Luther took as a motto for his life: “I shall not die, but I shall live, and recount the deeds of the LORD.” It comforted him when his life was threatened and it reminded him of his calling to preach the gospel faithfully.”
“Psalm 118 concludes the Egyptian Hallel with words full of praise and celebration for God’s blessing upon His people. It is above all a psalm of thanksgiving, beginning and ending with the words, “Oh give thanks to the LORD, for he is good; for his steadfast love endures forever!” (v. 29).”
“At the end of their last Passover and their first Lord’s Supper, Jesus and His disciples sang together.
We read: “And when they had sung a hymn, they went out to the Mount of Olives” (Matt. 26:30). Since Psalm 118 was the last of the Passover psalms, we can be quite sure that the song Jesus and the disciples sang was Psalm 118. Jesus once again identifies with this psalm. He is the Passover; He is the King; He is the salvation from the house of bondage; He is the sacrifice on the altar. All the great themes of the Old Testament and of this psalm come together in Jesus.”
Godfrey, W. Robert. Learning to Love the Psalms