1 The Piel of נָחַם (nakham), when used with a human object, means “comfort, console.” But here, within the metaphorical framework, it refers to the way in which a shepherd uses his implements to assure the sheep of his presence and calm their nerves. The underlying reality is the emotional stability God provides the psalmist during life threatening situations.
2 In v. 5 the metaphor switches. (It would be very odd for a sheep to have its head anointed and be served wine.) The background for the imagery is probably the royal banquet. Ancient Near Eastern texts describe such banquets in similar terms to those employed by the psalmist. (See M. L. Barre and J. S. Kselman, “New Exodus, Covenant, and Restoration in Psalm 23,” The Word of the Lord Shall Go Forth, 97–127.) The reality behind the imagery is the Lord’s favor. Through his blessings and protection he demonstrates to everyone, including dangerous enemies, that the psalmist has a special relationship with him.
3 The imperfect verbal form in v. 5a carries on the generalizing mood of vv. 1–4. However, in v. 5b the psalmist switches to a perfect (דִּשַּׁנְתָּ, dishanta), which may have a generalizing force as well. But then again the perfect is conspicuous here and may be present perfect in sense, indicating that the divine host typically pours oil on his head prior to seating him at the banquet table. The verb דָשַׁן (dashan; the Piel is factitive) is often translated “anoint,” but this is misleading, for it might suggest a symbolic act of initiation into royal status. One would expect the verb מָשָׁח (mashan) in this case; דָשַׁן here describes an act of hospitality extended to guests and carries the nuance “refresh.” In Prov 15:30 it stands parallel to “make happy” and refers to the effect that good news has on the inner being of its recipient.
4 The rare noun רְַָויָה (révayah) is derived from the well-attested verb רָוָה (ravah, “be saturated, drink one’s fill”). In this context, where it describes a cup, it must mean “filled up,” but not necessarily to overflowing.

In other versions

ESVEnglish Standard Version

He makes me lie down in green pastures.

He leads me beside still waters.

He restores my soul.

He leads me in paths of righteousness

for his name’s sake.

Even though I walk through the valley of the shadow of death,

I will fear no evil,

for you are with me;

your rod and your staff,

they comfort me.

You prepare a table before me

in the presence of my enemies;

you anoint my head with oil;

my cup overflows.

NIVNew International Version (2011)

He makes me lie down in green pastures,

he leads me beside quiet waters,

he refreshes my soul.

He guides me along the right paths

for his name’s sake.

Even though I walk

through the darkest valley,

I will fear no evil,

for you are with me;

your rod and your staff,

they comfort me.

You prepare a table before me

in the presence of my enemies.

You anoint my head with oil;

my cup overflows.

CSBChristian Standard Bible

He lets me lie down in green pastures;

he leads me beside quiet waters.

He renews my life;

he leads me along the right paths

for his name’s sake.

Even when I go through the darkest valley,

I fear no danger,

for you are with me;

your rod and your staff—they comfort me.

You prepare a table before me

in the presence of my enemies;

you anoint my head with oil;

my cup overflows.

NLTNew Living Translation

He lets me rest in green meadows;

he leads me beside peaceful streams.

He renews my strength.

He guides me along right paths,

bringing honor to his name.

Even when I walk

through the darkest valley,

I will not be afraid,

for you are close beside me.

Your rod and your staff

protect and comfort me.

You prepare a feast for me

in the presence of my enemies.

You honor me by anointing my head with oil.

My cup overflows with blessings.

LEBThe Lexham English Bible

In grassy pastures he makes me lie down;

by quiet waters he leads me.

He restores my life.

He leads me in correct paths

for the sake of his name.

Even when I walk in a dark valley, I fear no evil

because you are with me.

Your rod and your staff, they comfort me.

You prepare before me a table

in the presence of my oppressors.

You anoint my head with oil;

my cup is overflowing.

KJV 1900King James Version

He maketh me to lie down in green pastures:

He leadeth me beside the still waters.

He restoreth my soul:

He leadeth me in the paths of righteousness for his name’s sake.

Yea, though I walk through the valley of the shadow of death,

I will fear no evil: for thou art with me;

Thy rod and thy staff they comfort me.

Thou preparest a table before me in the presence of mine enemies:

Thou anointest my head with oil; my cup runneth over.

Public Domain