This verse indicates to us that Jesus, the Son of God, has been crowned with glory and honor, becoming much better than the angels. He became man to die for our sins and is now seated at the right hand of the Father, where He continually intercedes for us. By His death and resurrection, He has overcome sin and death and has become the source of our salvation and eternal hope.
Jesus, the Son of God, was chosen by God for His goodness and grace. He delighted in righteousness and rejected evil, leading to His anointment with the oil of gladness above all others. As part of His Body, we are forever united with Him and will one day fully enter into His joy when we see Him face to face.
In order to fulfill the joy set before Him, our Saviour endured the Cross and despised its shame. As of today, He sits at the right hand of the throne of God in heavenly places. In Him God is well pleased, for He loves righteousness and hates wickedness, and is anointed with the oil of gladness as the heir to all things.

Dear Heavenly Father,  thank You that You anointed Jesus, Your beloved Son, with the oil of gladness above all others. He endured the cross for the joy set before Him and now sits at Your right hand in heaven. Help me to follow in His footsteps, delighting in righteousness and rejecting wickedness. May I always remember that I am part of His Body, forever united with Him and destined to enter into Your joy.
In Jesus's name I pray. Amen.