The Old Covenant is the Mosaic-Sinaitic covenant — called "old" in 2 Corinthians 3:14 precisely in light of the New Covenant instituted by Christ’s blood at the Last Supper. The Old Covenant was "holy, and just, and good" (Romans 7:12) but unable to give life: "If there had been a law given which could have given life, verily righteousness should have been by the law" (Galatians 3:21). It functioned as a tutor leading to Christ (Galatians 3:24-25) — exposing sin, restraining wickedness, prefiguring the Savior. Christ fulfilled it, did not destroy it (Matthew 5:17). The New Covenant in His blood does what the Old could not: writes the law on hearts, gives the Spirit, secures eternal forgiveness.
(Composite.) The Mosaic covenant ratified at Sinai; declared old in light of the New ratified by Christ's blood.
The relation between Old and New Covenants is one of the most theologically loaded subjects in Scripture. Hebrews 8-10 is the most extended treatment, citing Jeremiah 31's promise of a New Covenant.
Three errors flank the topic: Marcionism (rejecting the Old as evil), legalism (treating the New as continuation of the Old's ceremonial law), and antinomianism (treating the moral law as also abrogated). Reformed orthodoxy holds the moral law continues, the ceremonial law is fulfilled, the judicial law applied in equity.
Jeremiah 31:31 — "Behold, the days come, saith the LORD, that I will make a new covenant with the house of Israel, and with the house of Judah."
2 Corinthians 3:14 — "Until this day remaineth the same vail untaken away in the reading of the old testament."
Hebrews 8:13 — "In that he saith, A new covenant, he hath made the first old. Now that which decayeth and waxeth old is ready to vanish away."
Matthew 5:17 — "Think not that I am come to destroy the law, or the prophets: I am not come to destroy, but to fulfil."
Modern Christianity is sometimes embarrassed by the Old Covenant; Scripture honors it as good in its time and fulfilled in Christ.
Romans 7:12 is unequivocal: the law is holy, and the commandment holy, and just, and good. The Old Covenant's problem was not its character but its ability to make sinners righteous. It diagnosed; it could not cure.
The New Covenant in Christ's blood does what the Old could not. The Old's sacrifices, priesthood, temple, and ceremonial law all find their substance in Christ. The household reads the Old expecting Christ in its shadows.
Greek palaia diathēkē is Paul's phrase in 2 Cor 3:14.
Greek diathēkē — covenant, testament; the New Testament's standard term for both Old and New.
Greek palaios — old, ancient; modifying diathēkē in 2 Cor 3:14.
"The Old Covenant was good; it could not make alive."
"Christ fulfills, He does not destroy."
"Read the Old expecting Christ in its shadows."