Blessing

Concise Bible Dictionary:

There are two distinct applications of the word “blessing.” God blesses His people, and His people bless God, the same word being constantly used for both. It is obvious therefore that it must be understood in more senses than one. Again, we read that “the less [or inferior] is blessed of the better” (Heb. 7:77And without all contradiction the less is blessed of the better. (Hebrews 7:7)); and though this refers to Melchisedec blessing Abraham, the same thing is true respecting God and His creatures: in bestowing favors God is the only one who can bless. The Christian can say, God “hath blessed us with all spiritual blessings in the heavenlies in Christ” (Eph. 1:33Blessed be the God and Father of our Lord Jesus Christ, who hath blessed us with all spiritual blessings in heavenly places in Christ: (Ephesians 1:3)); but the same verse says, “Blessed be the God and Father of our Lord Jesus Christ,” meaning “Thanks be to the God and Father of our Lord Jesus Christ.” This signification is further made clear by the records of the institution of the Lord’s supper. In Matthew and Mark the Lord took bread, and “blessed.” In Luke and in 1 Corinthians 11:2424And when he had given thanks, he brake it, and said, Take, eat: this is my body, which is broken for you: this do in remembrance of me. (1 Corinthians 11:24) He took bread and “gave thanks.” “Every good gift and every perfect gift is from above, and cometh down from the Father of lights” (James 1:1717Every good gift and every perfect gift is from above, and cometh down from the Father of lights, with whom is no variableness, neither shadow of turning. (James 1:17)). This is God blessing us, and for which we in return bless God by giving thanks, by praise and worship.

From Anstey’s Doctrinal Definitions:

This is mentioned in Scripture in four ways:
Firstly, to denote a state of joy and happiness. The very word "blessed" means happy. For example, Romans 4:77Saying, Blessed are they whose iniquities are forgiven, and whose sins are covered. (Romans 4:7) says, "Blessed are they whose iniquities are forgiven, and whose sins are covered." And Luke 12:3737Blessed are those servants, whom the lord when he cometh shall find watching: verily I say unto you, that he shall gird himself, and make them to sit down to meat, and will come forth and serve them. (Luke 12:37) says, "Blessed are those servants whom the lord when he cometh shall find watching." In this sense, we often pray and ask God to "bless" our time together at some particular event. Thus, we are asking God to give us a happy and spiritually profitable time.
Fourthly, the term is used to denote our distinctive Christian blessings in Christ. Ephesians 1:33Blessed be the God and Father of our Lord Jesus Christ, who hath blessed us with all spiritual blessings in heavenly places in Christ: (Ephesians 1:3) says, "Blessed be the God and Father of our Lord Jesus Christ, who hath blessed us with all spiritual blessings in heavenly places [the heavenlies] in Christ." These blessings are heavenly, spiritual, and eternal, as opposed to Israel’s, which are earthly, material, and temporal. They are:
•  Redemption in Christ Jesus (Rom. 3:2424Being justified freely by his grace through the redemption that is in Christ Jesus: (Romans 3:24)).
•  Forgiveness of sins in Christ—a purged conscience (Rom. 4:77Saying, Blessed are they whose iniquities are forgiven, and whose sins are covered. (Romans 4:7); Eph. 4:3232And be ye kind one to another, tenderhearted, forgiving one another, even as God for Christ's sake hath forgiven you. (Ephesians 4:32); Heb. 9:1414How much more shall the blood of Christ, who through the eternal Spirit offered himself without spot to God, purge your conscience from dead works to serve the living God? (Hebrews 9:14)).
•  Justified in Christ Jesus (Rom. 4:25-5:125Who was delivered for our offences, and was raised again for our justification. 1Therefore being justified by faith, we have peace with God through our Lord Jesus Christ: (Romans 4:25‑5:1); Gal. 2:16-1716Knowing that a man is not justified by the works of the law, but by the faith of Jesus Christ, even we have believed in Jesus Christ, that we might be justified by the faith of Christ, and not by the works of the law: for by the works of the law shall no flesh be justified. 17But if, while we seek to be justified by Christ, we ourselves also are found sinners, is therefore Christ the minister of sin? God forbid. (Galatians 2:16‑17)).
•  The gift of the Spirit in Christ—anointed, sealed, and given the earnest of the Spirit (Rom. 5:55And hope maketh not ashamed; because the love of God is shed abroad in our hearts by the Holy Ghost which is given unto us. (Romans 5:5); 2 Cor. 1:21-2221Now he which stablisheth us with you in Christ, and hath anointed us, is God; 22Who hath also sealed us, and given the earnest of the Spirit in our hearts. (2 Corinthians 1:21‑22); Eph. 1:1313In whom ye also trusted, after that ye heard the word of truth, the gospel of your salvation: in whom also after that ye believed, ye were sealed with that holy Spirit of promise, (Ephesians 1:13)).
•  Reconciliation in Christ Jesus—“made nigh” (Rom. 5:1010For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life. (Romans 5:10); Eph. 2:1313But now in Christ Jesus ye who sometimes were far off are made nigh by the blood of Christ. (Ephesians 2:13); Col. 1:2121And you, that were sometime alienated and enemies in your mind by wicked works, yet now hath he reconciled (Colossians 1:21)).
•  Sanctified in Christ Jesus (Rom. 6:1919I speak after the manner of men because of the infirmity of your flesh: for as ye have yielded your members servants to uncleanness and to iniquity unto iniquity; even so now yield your members servants to righteousness unto holiness. (Romans 6:19); 1 Cor. 1:22Unto the church of God which is at Corinth, to them that are sanctified in Christ Jesus, called to be saints, with all that in every place call upon the name of Jesus Christ our Lord, both theirs and ours: (1 Corinthians 1:2)).
•  Eternal Life in Christ Jesus (Rom. 6:2323For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord. (Romans 6:23); 2 Tim. 1:11Paul, an apostle of Jesus Christ by the will of God, according to the promise of life which is in Christ Jesus, (2 Timothy 1:1)).
•  Deliverance (Salvation) in Christ Jesus (Rom. 8:1-21There is therefore now no condemnation to them which are in Christ Jesus, who walk not after the flesh, but after the Spirit. 2For the law of the Spirit of life in Christ Jesus hath made me free from the law of sin and death. (Romans 8:1‑2)).
•  Sonship in Christ Jesus (Rom. 8:14-1514For as many as are led by the Spirit of God, they are the sons of God. 15For ye have not received the spirit of bondage again to fear; but ye have received the Spirit of adoption, whereby we cry, Abba, Father. (Romans 8:14‑15); Gal. 3:26; 4:5-726For ye are all the children of God by faith in Christ Jesus. (Galatians 3:26)
5To redeem them that were under the law, that we might receive the adoption of sons. 6And because ye are sons, God hath sent forth the Spirit of his Son into your hearts, crying, Abba, Father. 7Wherefore thou art no more a servant, but a son; and if a son, then an heir of God through Christ. (Galatians 4:5‑7)).
•  Heirship of the inheritance in Christ (Rom. 8:1717And if children, then heirs; heirs of God, and joint-heirs with Christ; if so be that we suffer with him, that we may be also glorified together. (Romans 8:17); Eph. 1:10-1110That in the dispensation of the fulness of times he might gather together in one all things in Christ, both which are in heaven, and which are on earth; even in him: 11In whom also we have obtained an inheritance, being predestinated according to the purpose of him who worketh all things after the counsel of his own will: (Ephesians 1:10‑11); Gal. 3:2929And if ye be Christ's, then are ye Abraham's seed, and heirs according to the promise. (Galatians 3:29)).
•  New creation in Christ Jesus (Rom. 8:2929For whom he did foreknow, he also did predestinate to be conformed to the image of his Son, that he might be the firstborn among many brethren. (Romans 8:29); Gal. 6:1515For in Christ Jesus neither circumcision availeth any thing, nor uncircumcision, but a new creature. (Galatians 6:15); 2 Cor. 5:1717Therefore if any man be in Christ, he is a new creature: old things are passed away; behold, all things are become new. (2 Corinthians 5:17)).
•  One body in Christ (Rom. 12:55So we, being many, are one body in Christ, and every one members one of another. (Romans 12:5)).
(Note: the above Scripture references are from the J. N. Darby Translation.)