What does the Bible say about the meaning of 'It is finished'?

'It is finished' is spoken by Jesus at the moment of His death, marking the completion of His mission to accomplish salvation for God's people. This declaration affirms that all that was necessary for redemption, from fulfilling the law to enduring God's wrath, was fully accomplished. It signifies that the sacrificial system of the Old Testament is now obsolete with the perfect sacrifice of Christ, who was both God and man, offered once for all. Through His death, He reconciled believers to God, fulfilling prophecies and establishing a new covenant.