The text is a prayer for renewal by God's Spirit (like Ps. 51:10-12), a renewal that is to be expressed in a life of love (st. 1), in purity of heart and will (st. 2), and in an intimacy with God that heralds the perfection of eternal life (st. 3). In both Hebrew and Greek the Word for "spirit" is the same as "wind/air/breath"; thus in this text the Spirit of God is referred to as "Breath of God."
Bert Polman, Psalter Hymnal Handbook
This song emphasizes the action of the Christian and the church to call on God to renew our hearts through the word. These requests are based on the truths taught in Belgic Confession, Article 24: True faith is “produced in us by the hearing of God’s Word and by the work of the Holy Spirit, (and) regenerates us and makes us new creatures, causing us to live a new life and freeing us from the slavery of sin.”