In this verse, the apostle Peter encourages believers to come to Jesus Christ, who is the living cornerstone rejected by men but chosen by God. He urges them to be built into a spiritual house, offering spiritual sacrifices acceptable to God through Jesus Christ. Peter affirms that Jesus Christ is the foundation upon which believers build their lives and faith, and through Him, they receive salvation and access to God.
The Father anointed His beloved Son to hold the prime position in the human race, where the first Adam had failed. As the last Adam, He accomplished what Adam could not - governing the world. He became the federal Head of God's new creation of man and was established as the secure foundation Stone of God's new creation. Despite being rejected by men, He holds immense value to the Lord.
Jesus, though chosen by God, was rejected by His own people as their King and Messiah. However, as believers who have experienced His goodness, grace, kindness, and compassion, we can approach Him as a living stone despite His rejection by men. He suffered at the hands of wicked men so that we could be clothed in His righteousness, fed on the Bread of Life, and drink of His spiritual milk through faith in Him.

Dear Heavenly Father,   I thank You for sending Your Son, Jesus, to be the foundation of my faith. Though rejected by men, He is precious and chosen by You. Lord Jesus, I come to You seeking Your goodness, grace, kindness, and compassion. Thank You for suffering on my behalf and being my righteousness. Help me to grow in faith, to drink Your spiritual milk, and be fed on the Bread of Life. May I be firmly rooted in You and built up in my faith.
In Jesus's name I pray. Amen.