This passage ends with four statements, all with imperative force; the first two of which are general, and the last two specific. Respect everyone is literally “honor all,” with people as the implicit object. “All” includes all human beings of every race, creed, sex, and social status. In one brief command, Peter admonishes the Christian to break down all barriers of relationship, whether these barriers be racial, creedal, sexual, political, or social. To “honor” someone is to treat him properly as a human being, to give his due.
Respect everyone may in many instances be rendered figuratively, for example, “bow properly before everyone” or “crouch down before everyone” or “use respectful language to everyone.”
While admonishing his readers to respect everyone, Peter commands them to love their fellow believers, which refers back to 1.22. Some scholars suggest that love is possible only where there is reciprocation, but honor is possible even without any response from the one being honored. Fellow believers translates an unusual Greek word which appears only in this letter (here and in 5.9), and is literally translated “brotherhood.” That it refers to fellow-Christians (Barclay “members of the Christian community”) can be easily inferred from the fact that “brothers” is often used in this sense (compare Gal 1.2; James 1.2; etc.). Love your fellow believers may be rendered as “love those who together with you trust Christ.” In languages which have several different terms for “love,” normally the most appropriate expression for “love” is related to love of kinsmen or the love of friends.
The last two commands are modeled after Proverbs 24.21 (“Fear the Lord and the King,” Revised Standard Version), but Peter makes a distinction between the Christian’s attitude toward the Emperor and toward God. Have reverence for is literally “fear,” but is not simply negative, as the English word might indicate; it describes the proper attitude of the Christian toward God; it denotes awe, reverence, utmost respect, worship. The Christians are to fear God only, and not anyone else, including the Emperor. Their attitude toward the Emperor is not one of “fear,” but of respect (the same word used at the beginning of this verse). For Emperor, see 2.13 above.
It may be somewhat difficult to distinguish clearly between “respect” and “reverence.” Sometimes the latter may be indicated simply by “greatest respect.” At times one may use a somewhat figurative expression, “stand in awe before” or “look upon with wonder.”
Quoted with permission from Arichea, Daniel C. and Nida, Eugene A. A Handbook on The First Letter from Peter. (UBS Handbook Series). New York: UBS, 1980. For this and other handbooks for translators see here .