Premillennialism
Like its name suggests, premillennialism teaches that the Second Coming of Christ will occur before the 1,000 year period, which they interpret literally. Premillennialists believe the millennial kingdom will be on earth and that the curse of sin is removed at that time. After the millennial kingdom, the eternal state will be established.
Within the premillennial eschatological system, adherents are divided into “historic” or “covenant” premillennialists, and “dispensational” premillennialists. Both groups fall under the heading “premillennialism” because they both believe that the Second Coming will occur prior to the 1,000 year millennial period.
Covenant premillennialism does not center on Old Testament prophecy. Like amillennialism, covenant premillennialists believe Old Testament prophecies were fulfilled by the Church. Unlike dispensational premillennialists who hold that believers will be taken from the earth in order to avoid the seven-year tribulation, covenant premillennialists hold that believers will go through the seven-year period. Paul Benware writes:
"Covenant (“historic”) premillennialism does not make a sharp distinction between the church and Israel, and it regularly spiritualizes the Old Testament. On these major points it is much like amillennialism and significantly differs from dispensational premillennialism. Because of this approach, covenant premillennialism generally believes that the church will remain on the earth during the period of the Tribulation, not being raptured out of the world until after this seven-year period of trouble."
To summarize the differing views of covenant and dispensational premillennialism, the former spiritualizes Old Testament prophecy, does not give Israel a future in God’s plan for the ages, and disagrees with the notion that believers will be raptured prior to the tribulation.
Historic premillennialism can be graphed in the following manner:
Christ Rapture/Second Coming
______|___________________|____________________|_______________________|_________________
Church Age The Tribulation The Millennium The Eternal State
A major element separating covenant and dispensational premillennialism is the later holds to two eschatological resurrections. The first they call the “rapture,” derived from the Latin word “rapturo,” meaning “to seize” or “rescue”. One Scripture which they base their beliefs upon is Revelation 20:4b-5c. “They [people who did not worship the beast] came to life and reigned with Christ a thousand years. The rest of the dead did not come to life until the thousand-year were ended” (NIV). Both of these resurrections are believed to be physical.
Dispensationalists also see the rapture in 1 Thessalonians 4:15-19. The passage reads:
According to the Lord’s own word, we tell you that we who are still alive, who are left till the coming of the Lord, will certainly not precede those who have fallen asleep. For the Lord Himself will come down from heaven, with a loud command, with the voice of the archangel and with the trumpet call of God, and the dead in Christ will rise first. After that, we who are still alive and are left will be caught up together with them in the clouds to meet the Lord in the air. And so we will be with the Lord forever.
Since Christ will not return to the earth completely, but meets believers in the air, dispensationalists hold this passage does not refer to the Second Coming.
Dispensationalists believe Old Testament prophecies are unconditional and are to be interpreted literally. Therefore, since certain prophecies given to Israel have not been fulfilled, dispensationalists hold that they will be satisfied in the future.
Dispensational premillennialism can be graphed in the following manner:
Christ Rapture Second Coming
_______|______________________|______________________|___________________|_______________
Church Age The Tribulation The Millennium The Eternal State
The eschatological aspect all premillennialists agree upon is Revelation 20:1-6. Premillennialists observe a simple chronology in Revelation that serves as the framework for interpreting the passage. Revelation 19, the passage prior to the millennium description, tells of the Second Coming of Christ. Revelation 20:7 - 22:21, which tells of Satan’s eternal destiny, the judgment of the dead, the new heavens and the new earth, the vision of the New Jerusalem, and the river of life, which all eschatological positions agree refers to the eternal state.
In between these eschatological events is the passage about the millennium. Therefore, premillennialists will argue, why interpret Revelation 20:1-6 out of chronological order when the passages before and after it are in sequential order? Furthermore, why understand the passage in a spiritual, figurative manner, when the passages before and after it, although using descriptive imagery, are understood literally by all eschatological positions?

Charting the End Times
Prophecy Study Bible
Things to Come
Every Prophecy of the Bible
The Popular Bible Prophecy Commentary