These events take place after the angel told Mary she would conceive a child through the holy spirit and that her cousin Elizabeth, advanced in years, had conceived a child.  Mary left Nazareth for a visit to Elizabeth, and Elizabeth tells Mary that her baby leaped with joy when it heard Mary’s voice. Guided by the holy spirit, Elizabeth adds that Mary is surely blessed because she believed the angel’s words to her.  

We can imagine the rejoicing these two women would have shared – these two holy women whom God chose to carry out His plan for mankind’s salvation. All in Israel were expecting the birth of the Messiah, the Savior, and it was Mary who was chosen to bear God’s son. What joy and awe must have been within Mary as she carried the child! When the angel told her, she humbly answered, “Behold the handmaid of the Lord; be it unto me according to thy word” (Luke 1:38). Mary’s humility was a virtue that God was looking for in the one who would bear His son. 

Mary’s joy is expressed in the rest of the verses from your question: Luke 1:46-47, “And Mary said, My soul does magnify the Lord, and my spirit has rejoiced in God my Savior.”
Mary praises God, putting her complete trust in Him with all that she has (her body) and with all that she is (her being). God is first, and she does not fear what others may say. What a praise to God this is – to be completely peaceful in carrying out His will for her. Her spirit is lifted heavenward toward God. She loves God and rejoices in Him.

Luke 1:48, “For he has regarded the low estate of his handmaiden.” Despite her humble station in life, God has chosen her to give birth to the Messiah, the King of Kings who will rule over earth forever in God’s holy kingdom. “For, behold, from henceforth all generations shall call me blessed.” All generations, or ages throughout time, will know this, and she will be called blessed – all will say she is fortunate to have had this blessed privilege of giving birth to the Messiah. 

Luke 1:49, “For he that is mighty has done to me great things.” God had done a magnificent favor to Mary for all to see and know. Mary realized what a great privilege it was for the Lord to choose her as the mother of Jesus, the Messiah, and holy is His name. God’s name is to be held sacred in His purity, majesty and glory. Mary praises God by submitting to Him. God’s name is holy, sacred and should be revered.

In these verses, Mary shines forth as a beautiful example of trust in God and humility.  Each of her words – magnify, rejoiced, blessed, holy is His name – help us see into her character of joy, love, submission and gentleness.  Today we look to Mary as a faithful follower of our Lord Jesus and as an example of one who completely did the heavenly Father’s will.  What true joy and peace this brings!

Additional Resources:
Christian Questions Podcast
Episode #1312: “How Do We Know Jesus Is the Promised Messiah? (Part I)”
Jewish skepticism and key Old Testament identifiers of the Messiah
Preview Video
CQ Rewind Show Notes

For children, parents and Bible class teachers:
Animated video: Why did God chose Mary to be the mother of Jesus?