What does the Bible say about Replacement Theology?

Replacement Theology posits that the church, composed of the elect, has replaced Israel as the chosen people of God. This view sees the national Israel of the Old Testament as a type and foreshadow of spiritual realities, concluding that the old covenant, invalidated through Christ’s death and resurrection, has been replaced by the new covenant wherein all believers, Jew or Gentile, are included as God's people. Hebrews and Ephesians explicitly teach that the new covenant is established on better promises and encompasses all who are chosen in Christ before the foundation of the world.