In a compact poetic manner, this text exclaims the mystery of God's grace extended to sinners who turn to Christ in faith. These sinners receive the righteousness of Christ and can approach the Lord's throne in confidence. Such is the amazing love of God in Christ!
Like so many of Charles Wesley's hymn texts, "And Can It Be" is full of allusions to and quotations from Scripture; a few of the more obvious texts are Philippians 2:7, Acts 12:6-8, Romans 8:1, and Hebrews 4:16. Wesley's use of metaphors is also noteworthy – he deftly contrasts light and darkness, life and death, slavery and freedom, and especially Christ's righteousness and our unrighteousness.
Bert Polman, Psalter Hymnal Handbook
The Catechism says that those who know Christ’s forgiveness are “to thank God for such deliverance” (Heidelberg Catechism, Lord’s Day 1, Question and Answer 2). As a result, “With our whole lives we may show that we are thankful to God for his benefits, so that he may be praised through us, and that we may be assured of our faith by its fruits, and so that by our godly living our neighbors may be won over to Christ” (Heidelberg Catechism, Lord’s Day 32, Question and Answer 86).