1 Peter 1:4

unto an inheritance incorruptible, and undefiled, and that fadeth not away, reserved in heaven for you,

Here again the continuing contrast between the old and new Israel is in view. The inheritance that pertained to the old Israel was their literal possession of the land of Canaan; and in speaking of the marvelous reward that shall at last result from the Christian life, Peter called it an inheritance. Also, in the case of Christians, it is really an inheritance, something they are born into, through means of the new birth, just as the Israelites who possessed Canaan received it through their being the actual posterity of Abraham. Four things are stated with reference to that glorious inheritance.

Incorruptible ... Paul also spoke of the Christian's inheritance (Ephesians 1:14; Colossians 3:24), and all of the sacred writers extolled the virtues of it. Canaan, the inheritance of the old Israel, had indeed been corrupted; foreign enemies invaded it and subjected the people to slavery; evil kings arose from themselves who oppressed and devoured the land; but the heavenly inheritance cannot be corrupted. There seems also to be in this word a remembrance of what Jesus said about moth and rust corrupting earthly wealth (Matthew 6:19ff). Even the very best of earthly treasures are destined to failure and decay at last when not even the earth itself shall stand.

And undefiled ... The old Israel's inheritance (Canaan) had been indeed defiled. Again and again the people had fallen into idolatry; oppression of the poor was everywhere; even the sacred temple itself had not been exempt from the heel of the invader and the pollution of the most holy altar by the sacrifice of a sow.

And that fadeth not away ... The fading nature of all earthly and temporal things contrasts with the eternal reward of the saints in Christ Jesus. No matter what wealth, honor, power, glory, popularity, beauty, or success may come to one on earth, it is only for a moment. All of the strength, achievement, and desire of mortals quickly end in the tomb, fading away, and are soon forgotten by the fleeting generations of people; but not so the everlasting inheritance of the saints in light.

Reserved in heaven for you ... It is reserved for them who shall be entitled to it; it will be there ready for them; none other shall preempt it or take it away from them. Notice the emphasis upon heaven. Peter had heard the Master say, "Great is your reward in heaven" (Matthew 5:10-12). The essential "other-worldliness" of the Christian faith shines in a passage like this, where the pilgrims, sojourners, and citizens of heaven are called to contemplate the eternal nature of their ultimate reward, the glory of the everlasting inheritance.