A key text for the millennium: Revelation 20:1-6 (see footnote below)
Premillennialism maintains that the millennium will begin on earth immediately after the second coming. Satan will be bound. Earlier Jewish saints and all Christian saints will live in heaven during the millennium. Christ will rule the earth from a throne in Jerusalem during the millennium. The millennium will last for a 1,000 years. The millennium will end with a rebellion led by Satan and another return of Christ with judgment. The first return by Christ (prior to the millennium) will be preceded by a seven-year period of great tribulation. Dispensationalists typically believe that Christians will be spared most of the suffering of the great tribulation by being secretly raptured from the earth. The second coming of Christ will occur in two or three stages over a 1,000+ year period.
Postmillennialism maintains that the millennium will begin on earth sometime during the period between the first coming of Christ and the second coming and will end shortly before the second coming of Christ. The millennium will begin when the church has won the majority of the world for Christ. Satan will be “bound” in the sense that his influence will be in the minority. Christians who are alive during the millennium will enjoy spiritual blessings on earth. The millennium will last for a long age (“1,000 years” is symbolic). The millennium will end with a rebellion led by Satan and the (only) second coming of Christ with judgment
Amillennialism maintains that the millennium began at the resurrection and ascension of Christ and will end shortly before the second coming. Satan was “bound” at the resurrection of Christ in the sense that he will not be allowed to stop the church from preaching the gospel message of Christ’s death and resurrection to the nations (Matt. 12:28-29; Acts 26:16-18). Christians now enjoy spiritual blessings during the millennium: A spiritual resurrection in baptism (Rom. 6:4-6; Col. 2:12-13), Reigning with Christ as his ambassadors on earth, operating the “keys of the kingdom” (Matt. 18:17-18; Eph. 2:4-7), Serving as a spiritual priesthood in Christian service (Heb. 13:15-16; 1 Pet. 2:5-9). The millennium will last for a long age (“1,000 years” is symbolic). The millennium will end with a rebellion led by Satan and the (only) second coming of Christ with judgment.
Amillennialism: it is the eschatology that makes sense, is simple (but not simplistic) and elegant in comparison to other views. The amillennial view is most consistent with my study of theology and the context of the whole book of Revelation. Revelation presents a cyclical pattern of recapitulation rather than a chronological order of eschatological events. In the biblical record, human history begins in a garden and ends in the eternal city. It begins with tragedy and ends in triumph. It begins with man's failure and ends with his exaltation. In between, there stands a cross! And on that cross, Jesus Christ changed the course of human history forever.
FOOTNOTE: Revelation 20:1-6 (NIV): The Thousand Years “20 And I saw an angel coming down out of heaven, having the key to the Abyss and holding in his hand a great chain. 2 He seized the dragon, that ancient serpent, who is the devil, or Satan, and bound him for a thousand years. 3 He threw him into the Abyss, and locked and sealed it over him, to keep him from deceiving the nations anymore until the thousand years were ended. After that, he must be set free for a short time.
4 I saw thrones on which were seated those who had been given authority to judge. And I saw the souls of those who had been beheaded because of their testimony about Jesus and because of the word of God. They had not worshiped the beast or its image and had not received its mark on their foreheads or their hands. They came to life and reigned with Christ a thousand years. 5 (The rest of the dead did not come to life until the thousand years were ended.) This is the first resurrection. 6 Blessed and holy are those who share in the first resurrection. The second death has no power over them, but they will be priests of God and of Christ and will reign with him for a thousand years.”