The chorale's text and music that functions as the basis for this prelude was written by Martin Luther in 1523. The text of the chorale is semi-autobiographical, speaking of Luther's struggle to lead a completely obedient life and the guilt he felt as a result of that inability. The latter verses of the chorale (there are 10 of them) point out how he felt forgiveness only through the grace of Jesus. The text employs first person pronouns making it all the more clear that his was Luther's personal struggle, however many of those who sang the chorale may have related to his struggle and thought of themselves rather than Luther when they used the first person pronouns while singing. The first verse of the chorale reads: "Rejoice all together dear Christians, and jump for joy, because we have been comforted and can sing in unity with joy and love, due to the things God has brought to fruition and because of his miraculous deeds; He bought them at a great price."

Buxtehude's setting of this chorale is one of his longest surviving chorale preludes at 256 measures. It is a chorale fantasy in the tradition of Reincken, Tunder, Scheidemann, and Weckmann of the previous generation. Rather than working through the melody from start to finish all in one chunk, Buxtehude fragments the melody into tiny bits and plays with each bit for an extended period of time before moving on to the next bit of the chorale melody. The bits of melody sometimes appear unornamented, but may also appear with heavy adornment. In the first 44 measures of the piece, the first phrase of the chorale is tossed back and forth between the soprano, tenor, and bass. Each time it appears in the soprano it is ornamented, while in the tenor and bass it appears unornamented. Measures 45-80 are particularly remarkable. The last four notes of the first phrase are the same as the third to sixth notes of the second phrase, allowing Buxtehude to play with a bit of ambiguity in the chorale melody itself. He starts off this section of the chorale as if he is treating the last four notes of the first phrase, but then after about 25 measures he continues with the rest of the second phrase. Also Buxtehude adds a bit of chromaticism to the chorale melody creating a rather piquant flavor. The last 17 measures of the prelude are in a triple meter with a widely leaping disjunct pedal part and exuberant writing in the manuals, perhaps making reference back to the second line of the chorale inciting Christians to "jump for joy."

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