Covenant Theology evolved from Calvin’s Reformed Theology in Geneva. It shifted the emphasis somewhat from the Sovereignty of God and Predestination to a relationship between God and man that was modeled after the relationship between the members of the Holy Trinity. Covenant theology is sometimes seen as emphasizing the love, camaraderie, and family aspect of the Church and faith. Covenant theology emphasizes three covenants that God made with man. Some covenant theologians argue that there is more to it, while others are not so sure.
The first is the Covenant of Works, also called the Edenic Covenant, the Adamic Covenant, the Covenant of Nature, and the Covenant of Life. This man promised eternal life on the basis of works. This pact failed because it was weak through the flesh and brought a curse upon the race as to its very nature so that men would be born in sin and depravity.
The second covenant is the Covenant of Redemption. The Pact of Grace, being infralapsarian and founded in time and history, is established, however, on another pact, which is the Pact of Redemption, which was the eternal pact, supralapsarian, prior to time and history, between the Father and the Son on the salvation of the race. The Father, the Son and the Holy Spirit made a covenant for the redemption of humanity. The Son was given kingship over the whole world and a predestined body of people. The Son loves the Father and is obedient to his will. The Father appoints him to be the Last Adam. His life must be given for the sins of the world. The Son accepts the assignment and does all the work that includes keeping the spirit of God’s laws. The Holy Spirit accompanies the Son in the Incarnation to protect him, advise him, encourage him and empower him in this task, the most difficult of all. And so, before the foundations of the world were laid, the just Christ is immolated in the councils of God.
But if the Covenant of Redemption is made between the members of the Most Holy Trinity, the Covenant of Grace is made between God and man. He promises forgiveness and eternal life through Christ to all who believe. But, in the doctrine of Covenant Theology, no one can believe without a special grace; then it is really more accurate to say that the Covenant of Grace is made between God and the Elect. These are the ones of whom Jesus said, in the Gospel of Saint John, chapter 6, verse 37: “Of those whom the Father has given me, all will be saved and not one will be lost.”
For Covenant Theology (and Reformed Theology as well), although the Covenant of Grace includes many eras of history, it is essentially one covenant. The Old Testament analogy is a longstanding testimony to both law and grace. Covenant Theology, in its doctrine of Limited Atonement and its understanding of the mandate given to the Church in her mission, is not orthodox in all respects.