Question: "What is the meaning of Christian redemption?"
Answer: Everyone is in need of redemption. Our natural condition was characterized by guilt: "all have sinned and fall short of the glory of God" (Romans 3:23). Christ's redemption has freed us from guilt, being "justified freely by His grace through the redemption that is in Christ Jesus' (Romans 3:24).
The benefits of redemption include eternal life (Revelation 5:9-10), forgiveness of sins (Ephesians 1:7), righteousness (Romans 5:17), freedom from the law's curse (Galatians 3:13), adoption into God's family (Galatians 4:5), deliverance from sin's bondage (Titus 2:14; 1 Peter 1:14-18), peace with God (Colossians 1:18-20), and the indwelling of the Holy Spirit (1 Corinthians 6:19-20). To be redeemed, then, is to be forgiven, holy, justified, free, adopted, and reconciled. See also Psalm 130:7-8; Luke 2:38; and Acts 20:28.
The word redeem means "to buy out." The term was used specifically in reference to the purchase of a slave's freedom. The application of this term to Christ's death on the cross is quite telling. If we are "redeemed," then our prior condition was one of slavery. God has purchased our freedom, and we are no longer in bondage to sin or to the Old Testament law. This metaphorical use of "redemption" is the teaching of Galatians 3:13 and 4:5.
Related to the Christian concept of redemption is the word ransom. Jesus paid the price for our release from sin and its punishment (Matthew 20:28; 1 Timothy 2:6). His death was in exchange for our life. In fact, Scripture is quite clear that redemption is only possible "through His blood," that is, by His death (Colossians 1:14).
The streets of heaven will be filled with former captives who, through no merit of their own, find themselves redeemed, forgiven, and free. Slaves to sin have become saints. No wonder we will sing a new song—a song of praise to the Redeemer who was slain (Revelation 5:9). We were slaves to sin, condemned to eternal separation from God. Jesus paid the price to redeem us, resulting in our freedom from slavery to sin and our rescue from the eternal consequences of that sin.