Psalms is the Bible's praise book, and it contains hundreds of reasons for why praise is important, as well as examples of how to praise God. One thing becomes clear after looking at those reasons and examples. "It is pleasing to praise the LORD and to sing praises to your name, O Most High..." (See Psalm 92:1). Praise is beneficial. That is, it is enjoyable, valuable, and morally superior. Praise is lovely and agreeable, according to Psalm 147:1.
When we think about why we should praise God, we come up with a list of His attributes. He is glorious (Psalm 138:5), great (Psalm 145:3), wise and powerful (Daniel 2:20), merciful and faithful (Psalm 89:1), and much more. A list of His wonderful works is added to this list of attributes. He is the One who saves us (Psalm 18:46), fulfils His promises (1 Kings 8:56), forgives sin (Psalm 103:1-3), and provides us with our daily bread (Psalm 136:25). It's impossible to list everything God has done, but it's a great exercise for bringing our attention back to Him and reminding us of how much we owe to Him.
All of creation is commanded to praise God, according to Psalm 148:1-10. On Palm Sunday, when Jesus was entering Jerusalem, large crowds gathered to praise Him. The Pharisees wanted Him to chastise the people, but Jesus replied, "I tell you, if these should keep their peace, the stones will cry out immediately" (Luke 19:40 KJV). Even though many people today refuse to praise God, there will come a day when every knee will bow and every tongue will confess God's praises (Philippians 2:10-11). Some will sing those praises joyfully because they have been saved, while others will sing them as conquered enemies facing eternal punishment for their rejection of God.
Praise is an important part of a surrendered life because it gives credit where it is due. "Oh, that men would praise the Lord for his goodness and wonderful works among men's children!" (KJV Psalm 107:8)