3 as His divine power has given to us all things that pertain to life and godliness, through the knowledge of Him who called us by glory and virtue,
4 by which have been given to us exceedingly great and precious promises, that through these you may be partakers of the divine nature, having escaped the corruption that is in the world through lust.
Life must precede godliness (v.3). That life is “given” through a personal knowledge of the Giver; and He by His Divine power provides everything necessary to sustain that life and its Christian manifestations. As moral glory and nobility of character characterized Him, so must they characterize those who live by Him. — Williams, page 1006.
His (v.3) = Christ’s (from v.2)
knowledge (v.3) = knowledge gained through first-hand relationship
glory (v.3) = honor, what evokes good opinion, intrinsic worth
virtue (v.3) = goodness, excellence, uprightness
Twice in these two passages [vs. 2-3] the apostle emphasizes the importance of having a fuller knowledge of God. With the majority of the prophets and apostles of the kingdom having passed from the scene, Peter directs his countrymen to the written revelation of god, where they could grow in the grace and knowledge of the Lord Jesus Christ. Seeing that these offices were left vacant is strong evidence against apostolic succession, simply because the written Word of God was now to be their final authority (2 Peter 1:19-21). A deeper understanding of the Scriptures would also serve as a safeguard against the insidious heresies the false teachers were seeking to spread among them. — Sadler, page 178.
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If you were living continually in the face of death, as these saints were, the promises of god would become exceedingly great and precious. This will be especially true of future Israel during the Tribulation period. While the promises of the Abrahamic, Davidic, and the New covenants were cherished, the specific ones Peter highlights are the promise of the Second Coming of Christ to destroy Israel’s enemies, and the promise of new heavens and a new earth wherin dwelleth righteousness (2 Peter 3:3-9, 13). — Sadler, page 178.
exceedingly great (v.4) = great in the widest sense, superlative
precious (v.4) = valuable as recognized in the eyes of the beholder, of great price
partakers (v.4) = sharers, partners, companions
nature (v.4) = the underlying constitution or make-up of someone
corruption (v.4) = destruction, decay, rottenness, decomposition. In this case, moral decay.
lust (v.4) = passionate longing, inordinate desire, desire for what is forbidden
Here’s my personal explanation of these verses. We will experience more of God’s grace and peace the more we know the Lord (from v.2) because He has given us everything we need to live, and to live godly. He provides us with these things because of His own greatness (glory and virtue). That knowledge includes His promises which give us the ability (because of our faith in the future) to escape the corruption of the world and live godly lives. We know something better is coming, and that hope saves us (Romans 8:24-25). Peter will go on in the next verses to explain exactly how to take this knowledge and power and use it practically.
As Sadler explains (above) these verses were, in the immediate context, for Israel, but the application applies to us also.