While some have argued that all of the Old Testament prophecies regarding Israel have been fulfilled in the church, I would argue that Paul’s implication that there is indeed a future for ethnic Israel should cause us to believe that there are also Old Covenant prophecies that also speak of this future for Israel. Paul says this in his letter to the Romans: “in this way all Israel will be saved, as it is written, ‘The Deliverer will come from Zion, he will banish ungodliness from Jacob’; ‘and this will be my covenant with them when I take away their sins.” (Romans 11:26-27)
There are multiple Old Testament prophecies that speak of the new covenant which God will make with the ethnic people of Israel. One of these is made through the prophet Zechariah: “And I will pour out on the house of David and the inhabitants of Jerusalem a spirit of grace and pleas for mercy, so that, when they look on me, on him whom they have pierced, they shall mourn for him” (Zechariah 12:10). The apostle john quotes this prophecy in his Revelation: “Behold, he is coming with the clouds, and every eye will see him, even those who pierced him, and all tribes of the earth will wail on account of him. Even so. Amen.” (Rev. 1:7). The one’s looking on “him whom they have pierced” are the people of Israel, for they are the ones who crucified the Messiah. Thus, at some point there will be an outpouring of the Holy Spirit on the people of Israel in a way that a huge amount of Jews will see the Messiah they once crucified and repent because of it.
Another prophecy of a new covenant which will be made with ethnic Israel is spoken of by the prophet Jeremiah. He says this: “Behold, the days are coming, declares the Lord, when I will make a new covenant with the house of Israel and the house of Judah, not like the covenant that I made with their fathers on the day when I took them by the hand to bring them out of the land of Egypt…I will forgive their iniquity, and I will remember their sin no more” (Jeremiah 31:31-32, 34). God is clearly speaking directly to the people of Israel, for he references the covenant that he made with “their fathers” after He had brought them out of the Land of Egypt. This would not be a true statement for the church of the New Testament. One could think that this prophecy has been fulfilled in the church due to the statement that the author of Hebrews makes in his letter regarding Jeremiah’s prophecy: “In speaking of a new covenant, he makes the first one obsolete. And what is becoming obsolete and growing old is ready to vanish away” (Heb. 8:13). The clear implication here is that the New Covenant in Christ’s blood has replaced the Old Covenant. But this can be explained. In the account of the Lord’s Supper Jesus indicates that he has not completed the covenant, but left it open for the future: “I tell you that from now on I will not drink of the fruit of the vine until the kingdom of God comes” (Luke 22:18). There were four cups involved in the Passover ceremony and the “fruit of the vine” was the final cup. Thus, Jesus will not drink of the final cup of the New Covenant until he brings the kingdom of God back to earth. He has left the covenant open for a later date, in which he will bring more into it.
One clear teaching that the kingdom of Israel will remain a kingdom through the ages is Jeremiah 33. God says this to Israel: “Thus says the Lord: “If I have not established my covenant with day and night and the fixed order of heaven and earth (which he has), then I will reject the offspring of Jacob and David my servant and will not choose one of his offspring to rule over the offspring of Abraham, Isaac, and Jacob. For I will restore their fortunes and will have mercy on them” (Jeremiah 33:25-26). Thus, God will without a doubt “choose one of “Jacob and David’s” offspring to rule over the offspring of Abraham, Isaac, and Jacob”.