This view holds that Christ will return to begin a period of time known as the Millennial Kingdom as described in Revelation 20.

While other views are still considered orthodox and biblically based, this view is regarded as the most literal interpretation.  (Opponents argue that apocalyptic literature can't and shouldn't be taken literally.)  This view holds to a literal reign of Christ on David's throne.  Resurrected saints will reign with Christ during this time.

Many consider this time to be a literal thousand years although one may hold to this view without believing in a literal millennium but rather just an extended period of time.

During this time Satan is bound and holds no sway over humanity.  At the end of the time though, he will be released and conquered once and for all and thrown into the lake of fire.

The world will witness unprecedented peace as Isaiah 65:20 is realized.  "Never again will there be in it an infant who lives but a few days, or an old man who does not live out his years; he who dies at a hundred will be thought a mere youth; he who fails to reach a hundred will be considered accursed."

During this time, the promises to Israel will finally and completely be fulfilled.  This is the only millennial view that is in line with dispensationalism as it is the only view that still sees God continue to work with the nation of Israel. 

See amillennialism and postmillennialism for different views concerning the Millennial Kingdom. 

For further discussion see the article on the Millennial Kingdom.