Comparison of Theologies
Below you will find a few links that compare the differences between Dispensationalism (DT), Covenant Theology (CT) and New Covenant Theology (NCT). In brief, the major difference between Dispensationalism and the other two, is that DT views Israel and the Church as completely separate from each other. DT teaches that God has a future plan for the nation of Israel that is completely distinct from the Church, and will be fulfilled once the Church has been raptured. It teaches that there will be a millennial kingdom on this present earth where Christ (or David) will rule as King, which includes a Jewish temple and a return to animal sacrifices (as a “memorial”).
As for the other two theological systems, while there are certainly differences between the two, both CT and NCT basically agree that the Church is Israel under the New Covenant. NCT, of which I’m a proponent, describe it as Israel having its fulfillment and continuation in Christ, as True Israel, and that His Church is spiritual Israel in Him as a spiritual nation. They also agree that there is no future plan or millennial kingdom for Israel. NCT teaches that the kingdom of Christ is now, which is His Church. Jesus reigns over His Kingdom/Church now. We will see its ultimate fulfillment in the everlasting kingdom of the New Heavens and the New Earth of Revelation 21 & 22.
The reason for these differences is that DT brings an OT understanding of Israel to the NT. They interpret the NT according to their understanding of the OT — which is a backwards hermeneutic, since the NT fulfills the OT. Christ is central in both testaments, and revealed in the NT Scriptures.