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In seeking to answer your question, I will comment on the context of the passage, examine
how it is interpreted in the Gospels as it refers to Christ, and discuss how it might be fulfilled
in the last days.
3. End-time Interpretation: The partial fulfillment of the prophecy of Malachi in the ministry
of John the Baptizer will find its ultimate fulfillment before the coming of Christ. A brief
look at the book of Revelation points, first, to the coming of a false Elijah who will cause
“fire [to] come down from heaven” (Rev. 13:13; cf. 1 Kings 18:36-38) in order to gather the
kings of the earth in preparation for the “battle of that great day of God Almighty” (Rev.
16:14). Second, this false Elijah is not an individual but an apostate movement claiming to
have the spirit of Elijah, when in reality deceptive miracles are performed through the power
of demonic spirits (Rev. 16:13, 14). Third, the work of a false Elijah points to the end-time
mission of the true Elijah as summarized in the messages of the three angels (Rev. 14:6-12).
It refers to a movement raised by God to invite His people to come out of Babylon (Rev.
18:4). This movement is called the end-time remnant (Rev. 12:17); they are “faithful
followers” of the Lamb (Rev. 17:14, NIV). Fourth, their message, in agreement with
Malachi, announces the judgment of God that will bring salvation through the eternal gospel
to those who “fear God” (Rev. 14:7), and destruction to the wicked (verses 10, 11). Those
who fear the Lord obey/keep God’s commandments (verse 12). They restore the faith of their
apostolic fathers as found in the New Testament, calling God’s people to return to Him. Fifth,
they are, like Elijah and John the Baptizer, possessed by the power of the Spirit. They listen
to what the Spirit said to the church (Rev. 3:14-22), and, empowered by the angel of
Revelation 18:1, they will illuminate the earth with God’s glory in a last attempt to prepare
the world for the coming of the Lord. They receive the outpouring of the Spirit of the Lord,
announced in Joel 2:28, 29, and that will happen “before the coming of the great and dreadful
day of the Lord” (Joel 2:31, NIV).