[2] The psalm forms a regular part of Jewish, Catholic, Lutheran, Anglican and other Protestant liturgies, and has been set to music.

In Jewish tradition the psalm is attributed to the sons of Korah after recognizing their father's greed for wealth as the root of his downfall, and to teach that the purpose of one's life on earth is to enhance his or her spiritual development and to prepare for the world to come.

[5] Alexander Kirkpatrick, in the Cambridge Bible for Schools and Colleges commentary, notes that this Psalm addresses “all peoples” with a theme of common interest to all humanity: is not wealth, after all, the master-force in the world?

[2] In the Church of England's Book of Common Prayer, this psalm is appointed to be read on the evening of the ninth day of the month.

[8] Heinrich Schütz wrote a setting of a paraphrase of Psalm 49 in German, "Hört zu ihr Völker in gemein", SWV 146, for the Becker Psalter, published first in 1628.