What is it? What does the Bible say about it?
According to the Blue Letter Bible FAQ, Dispensational Premillenialists agree on the following concepts:
Dispensational premillennialists hold that Christ will come before a seven-year period of intense tribulation to take His church (living and dead) into heaven. After this period of fulfillment of divine wrath, He shall then return to rule from a holy city (i.e., the New Jerusalem) over the earthly nations for one thousand years. After these thousand years, Satan, who was bound up during Christ's earthly reign, will be loosed to deceive the nations, gather an army of the deceived, and take up to battle against the Lord. This battle will end in both the judgment of the wicked and Satan and the entrance into the eternal state of glory by the righteous. This view is called premillenialism because it places the return of Christ before the millennium and it is called dispensational because it is founded in the doctrines of dispensationalism.
A "strictly literal" hermaneutic is foundational to the dispensational premillenialist viewpoint. Interpreting Scripture in this manner will in fact demand such perspectives unique to dispensationalism as:
Dispensational premillennialism holds that a seven-year tribulation (forseen in Daniel 9:27) will precede a thousand-year period (Revelation 20:1-6) during which time, Christ will reign on the throne of David (Luke 1:32).
Immediately previous to the time of great tribulation, all the dead saints will rise from their graves and all the living members of the church shall be caught up with them to meet Christ in the clouds (1 Corinthians 15:51-52; 1 Thessalonians 4:15-17); this is known as "the rapture." During this time of tribulation, there will be three-and-a-half years of world peace under an AntiChrist figure (Daniel 7:8; Revelation 13:1-8) who will establish a world-church (Revelation 17:1-15), followed by three-and-a-half years of greater suffering (Revelation 6-18). At the end of this period, Christ will return (Matthew 24:27-31; Revelation 19:11-21), judge the world (Ezekiel 20:33-38; Matthew 25:31; Jude 14-15), bind Satan for one thousand years (Revelation 20:1-3), and raise the Old Testament and tribulation saints from the dead (Daniel 12:2; Revelation 20:4).
At this time, the millennial reign will begin and Christ will reign politically over the earth at this time from His capital in Jerusalem (Isaiah 2:3). Throughout His reign, there will be no war (Isaiah 2:4) and even the natures of animals will dwell in harmony (Isaiah 11:6-9). At the end of this era of peace, Satan will be released and instigate a colossal (but futile) rebellion against God (Revelation 20:7-9). After this fated battle, Satan and the wicked are cast into the lake of fire (Revelation 20:10), while the righteous proceed into their eternal state in the realm of the new heaven and the new earth Revelation 21:1ff).
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