The spiritual gift of prophecy is an extraordinary and unique gift. Paul says in 1 Corinthians 14:1 to “Pursue love, and earnestly desire the spiritual gifts, especially that you may prophesy.” This gift is a blessing to the church and should not be quenched or despised (1 Thessalonians 5:20). Those who have the gift of prophecy differ from the Old Testament Prophets who spoke the authoritative Word of God directly. Their words were recorded as Scripture as they proclaimed, “Thus says The Lord,” whereas the messages from those with the spiritual gift of prophecy must be tested (1 Corinthians 14:29-33; 1 Thessalonians 5:20-21; 1 John 4:1-3). In the New Testament the Apostles, not the prophets, took over the role of Scriptural proclamation from the Old Testament Prophets.
The Greek word for the gift of prophecy is propheteia which is the ability to receive a divinely inspired message and deliver it to others in the church. These messages can take the form of exhortation, correction, disclosure of secret sins, prediction of future events, comfort, inspiration, or other revelations given to equip and edify the body of Christ (1 Corinthians 14:3-4, 24-25). Again, they do not constitute the authoritative Word of God, but are the human interpretation of the revelation that was received. They are spoken in human words through a human mind which is why they must be tested against the Scriptures (1 Thessalonians 5:20-21).
The Holy Spirit gives the gift of prophecy to some believers to make God’s heart known and to edify the church. This gift is for the benefit of both believers and unbelievers and is a sign that God is truly among His church (1 Corinthians 14:22-25). Those with this gift are sensitive to both the prompting of the Holy Spirit and the needs of the church body. They should be humble and continually study the Scriptures in order to test these revelations before speaking them. When they do speak, they should allow and even expect others to weigh what is said against the Scriptures and interpret the message accordingly. In this way the church may be continually built up together in unity (1 Corinthians 14:4, 26). See also Romans 12:6, 1 Corinthians 12:10, 14:1-5, Ephesians 4:11-12, 1 Peter 4:10-11.